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401k and Retirement Plans Still Available for 2010

The New Year has closed some doors for 401k and other retirement account owners. But lots of retirement plan options remain. If you haven’t made deposits into a work sponsored 401k plan for 2010, your time is indeed up. (But this could be a wonderful time to get started for 2011!) On the other hand, if you have income in 2010, you have until April 18, 2011 to establish and fund a SEP IRA, for 2010. This will lower your taxable income for 2010 and, moreover, give you a tax-deferred account that can grow until retirement. All of these retirement vehicles would be protected in bankruptcy.
The SEP IRA allows you to contribute up to 20% of your net income (minus half of your self employment tax) up to 49,000 in 2010.

For 2011, also consider a solo 401k which must be set up before the end of the year, but can be funded up until the tax return date in 2012 to fund it.