The factors to consider are: Are you a sole proprietor or own a company that has a qualified plan or employer based IRA Your age Your contribution and deferral capability Whether you have common law employees When you wish to retire Your tax situation Seek to make the highest contribution to your retirement that you can. It’s also important to choose the plan that will give you the most flexibility. You can review the retirement plans section of our site for more information regarding plan aspects and contribution comparisons. You should also seek the services of a tax professional or financial planner to work with you.