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The first option is Individual Retirement Accounts (IRAs). To qualify for an IRA, there are income limits depending on filing status, which are determined by the IRS. For example , if you are a single filer and make more than $58,000 but less than $68,000 your IRA contribution limit is reduced to zero.

If you are a married couple filing jointly and you make more than $92,000 but less than $112, 000 your IRA contribution limit is reduced to zero.

The 401(k) plan is for employees of companies, but more and more individuals are starting self-employed businesses today. It's the best option if you work for a company that offers this type of retirement account.

If you don't qualify, the next best choice would be an IRA or 403(b). For 2018 calendar year, the IRA contribution limit is $5,500 for those under the age of 50. For those individuals who are fifty years and older, their contribution limit is $6,500.

The overall maximum you can contribute to an individual IRA in 2018 is $5,500 or your total earned income, whichever is less. Keep in mind this amount will change every year due to inflation. The IRA contribution limit for individuals who are fifty years and older is $6,500 per person. For example if you're 50 and your spouse contributes the max to their IRA then together you could contribute $13,000 total ($6,500 per person).

The 403(b) plan (tax deferred annuity) is another great option for employees of a non-profit organization such as a public school or university. The same income limits apply for this type of plan as it does with the IRA.

Lastly, if you're self-employed and under the age of 71, you'll want to look into a SEP IRA (Simplified Employee Pension Plan). This is a retirement plan that allows you to contribute up to 20% of your net income. The maximum contribution for 2018 calendar year will be $55,000 .

Remember all of these plans have individual limits so if you're doing business with your spouse, talk with your tax advisor or someone familiar with taxes.

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