A retirement savings account to which a self-employed person can make annual tax-deductible contributions, subject to limitations.

A tax-deferred pension account designated for employees of unincorporated businesses or for persons who are self-employed (either full-time or part-time).

A tax-deferred trust savings account that allows self-employed individuals or those who own their own incorporated businesses to save for their retirement. Savers place a portion of their income each year in their Keogh account until they reach at least age 59 1/2. Federal income tax on the deposited funds and the interest they earn is deferred until withdrawals are begun, presumably when the saver has retired, and is, therefore, in a lower tax bracket. Employers who establish a Keogh plan for themselves must also make the benefit available to qualified employees.