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A Keogh plan is a retirement plan for self-employed individuals and unincorporated businesses, and their employees. A Keogh plan is a qualified retirement plan, meaning that it qualifies for tax benefits--in the case of the Keogh plan, tax deferral until age 59½. The individual is required to take distributions from the Keogh plan at age 70½. The maximum amount that can be contributed generally changes each year. A person who is employed but who also receives self-employment income is eligible to open up a Keogh plan. The IRS requires that employees under a Keogh plan be at least 21, be full-time, and have worked for at least one year. A Keogh plan may be a defined benefit plan or a defined contribution plan.
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