Today’s gig economy is creating both opportunity and problems for millions of Americans. Gig workers include those who devote at least some of their time to providing ride-hailing services, short-term rentals of their homes or delivery services.

One powerful example is Uber. The ride hailing service, which launched its initial public offering earlier this year, said over 1.5 million active Uber drivers received more than $3 billion in payments in 2017. Active Uber drivers earn an average monthly income of about $364. Uber and other gig economy players such as Airbnb, Lyft and Doordash employ workers as freelancers or independent contractors.  

They typically receive income that’s reported on Form 1099 for self-employed workers. And that usually means (unless they have another job as an employee at a company) they have personal responsibility for a lot of things, including saving for retirement.

The best retirement savings strategy for gig workers includes setting up a retirement plan that has significant tax benefits for the self-employed. Among those benefits: Contributions are deductible from your income, and the money saved in a retirement plan account grows tax-free. Also, if you’re the owner of a small business and you have employees, a retirement plan can help attract and retain them.

The self-employed can establish several types of retirement plans, but figuring out which is the best option for you can be confusing. Here are the four most common plans for the self-employed and guidance aimed at helping you decide which one is most suitable for you.

Read More: @CBS News