Regardless of income level or participation in an employer retirement plan, a contribution made with after-tax dollars can open this type of account. Two basic types of retirement programs - Keogh and SEP (for self-employed individuals)-and IRAs allow individuals to set up their own tax-sheltered retirement plans. If you change jobs and take the money directly, you are subject to a 20% withholding tax. This plan allows self-employed individuals to set up tax-deferred retirement plans or accounts for themselves and their employees. It requires that a form be completed designating it as this type of account and makes the institution its trustee