With nearly 1 out of every 10 U.S. workers self-employed, at least 10% of workers are going without a traditional 401(k) plan. While some may create future retirement income from the sale of their business, generating substantial retirement income from a business sale tends to be the exception rather than the rule.

What are the options for self-employed savers? Are IRAs, with their relatively small contribution amounts and income restrictions, all that’s available?

Just as a company with thousands of employees is allowed to have a 401(k) plan, part of the IRS tax code allows businesses with just one employee--that’s YOU--to have a 401(k) as well.

It’s called a Solo or Individual 401(k), and it’s an excellent retirement saving tool for sole proprietors.