A Keogh Plan is a type of retirement savings plan created for self-employed individuals and small business owners. It allows you to save for retirement in a tax-advantaged way while contributing as both the employee and the employer. Keogh Plans can be set up in different forms, such as profit-sharing or defined benefit plans, depending on how flexible or structured you want the contributions to be. They are often used by people with higher incomes who want to put away more for retirement than standard plans typically allow. Keogh Plans have more paperwork and administrative rules than simpler options, but they can be a powerful tool for long-term savings if you qualify and want to contribute a larger amount each year.