A Keogh (HR-10) plan is intended for which type of individuals?

A Keogh (HR-10) plan is specifically designed for self-employed individuals and owner-employees, allowing them to contribute towards their retirement savings in a tax-advantaged manner. This type of plan provides the same tax benefits as other retirement plans, like 401(k)s, but is tailored for individuals who work for themselves or have their own business.

Self-employed individuals can establish these plans to save for retirement while benefiting from tax deductions for their contributions. This reinforces the significance of Keogh plans as essential tools for retirement planning, particularly for those without access to traditional employer-sponsored retirement plans.

The other options, such as government employees, teachers, and part-time employees, do not squarely fit within the intended audience for Keogh plans. Government employees typically have pension plans or other state-sponsored retirement programs. Teachers often participate in state-managed retirement plans or pensions rather than utilizing Keogh plans. Part-time employees may not earn sufficient income to justify the establishment of a Keogh plan, which is meant for those who have more significant self-employment income. Thus, the focus of Keogh plans is distinctly aimed at self-employed individuals and owner-employees, making that choice the most appropriate.