The Keogh Plan, also known as the HR-10 plan, is a type of retirement savings account designed specifically for self-employed individuals or small business owners. It was named after its creator, Eugene Keogh, a U.S. Representative from New York. The Keogh Plan allows these individuals to save for retirement and enjoy tax advantages similar to those available to employees participating in traditional employer-sponsored retirement plans.

Keogh Plans can be structured as either defined contribution plans or defined benefit plans. In a defined contribution Keogh Plan, the individual can make tax-deductible contributions up to a certain limit each year, and the funds grow tax-deferred until retirement. With a defined benefit Keogh Plan, the contributions and benefits are based on a predetermined formula, typically considering factors such as the individual's age, income, and years of service.

One key advantage of the Keogh Plan is its higher contribution limits compared to individual retirement accounts (IRAs), allowing self-employed individuals to save a significant amount for retirement. However, there are specific eligibility requirements and guidelines that must be followed to establish and maintain a Keogh Plan. It is advisable for individuals interested in this retirement savings option to consult with a financial advisor or tax professional for personalized guidance and to ensure compliance with applicable regulations.