Guide to Putting Aside Money for Retirement

Step into SEP

A Simplified Employee Pension (SEP) is one of the most hassle-free retirement plans. Operating much like an Individual Retirement Account, it allows larger contributions and greater tax savings.

I recommend: Contact Merrill Lynch or Fidelity, two financial service companies that cater to needs of the self-employed.

Keep it SIMPLE

Business owners and their staffs both contribute to a Savings Incentive Match Plan for Employees (SIMPLE). This option is open to businesses with 100 or fewer employees who earn at least $5,000 in the previous year.

I recommend: Contact Morgan Stanley or Charles Schwab to learn about SIMPLE plans and compare them to other options.

Find a small business specialist

Some firms specialize in customized small business solutions, including pensions that match a small business owner's annual contributions to fluctuations in earned income.

I recommend: Compare MaxPlans and Vanguard deals for small business.

401(k)s: Choose carefully

Employees may contribute a percentage of their pay to 401(k) plans through payroll deductions. But employers need to consider the complexity of these plans when assessing retirement options.

I recommend: Contact Sharebuilder or Decimal Inc., both of which tout easy-to-administer 401(k) plans for small business.

Compare, compare, compare

Investment companies want your business, and using the Web saves time when comparison shopping.

I recommend: Go to BuyerZone.com to get quotes on 401k and IRA retirement plans.