A plan, available since 1963, under the Self-Employed Individual’s Tax Retirement Act (Keogh Act), which permits a self-employed individual (such as a private physician) to establish a formal retirement plan including himself and to obtain tax advantages similar to those available for qualified corporate pension plans. Self-employed individuals can annually set aside up to fifteen percent of earned income or $7,500, whichever is less, and take a tax deduction for it.