Both the one-participant 401(k) plan and the Simplified Employee Pension (SEP) plan are available to self-employed individuals for retirement savings.

Question

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Both the one-participant 401(k) plan, also known as a solo 401(k), and the Simplified Employee Pension (SEP) plan are designed to allow self-employed individuals and small business owners to save for retirement, offering different structures and contribution limits to accommodate various needs.

Both the One-Participant 401(k) Plan and the Simplified Employee Pension