Many self-employed workers focus on retirement savings strategies that will give them an immediate tax advantage, but they may overlook opportunities to maximize investment returns over time.

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Strategy #1: Set Up a Solo 401(k) Plan

If you own your own business or are self-employed, one strategy that can make the most of your long-term savings this tax year and beyond it to set up a Solo 401(k).

Under new Solo 401(k) rules for 2012, you can contribute up to $50,000 this year or $55,500 if you're 50 or older. A couple working in a business together could put in up to $100,000 for retirement (up to $111,000 if both are over 50)!

Part of that savings is a salary deferraljust like a regular or Roth 401(k)with a maximum contribution of up to $17,000. The other portion comes from profit-sharing, allowing you to add up to 25 percent more to your nest egg, up to $50,000 (or, if you're 50 or older, $55,500). That second part cannot be made as a Roth 401(k).

But Susan John, chair of the National Association of Personal Financial Advisors, suggests if you can set up a Roth 401(k) for the salary deferral portion, definitely take advantage of it.

"It's an opportunity to build a stream of tax-free income for the future that will never, ever be taxable. Even though you don't get the deduction right now, it's probably the most important contribution that a person can make," John advises.

Strategy #2: Open a Health Savings Account

Opt for a high deductible health plan and open a Health Savings Account or HSA. The money you put in a HSA is tax-deductible and the money can be taken out of the account tax-free for qualified medical, dental and vision expenses. Any money you don't use can be invested and gains are tax-deferred.

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Three Retirement Strategies for Self-Employed Workers