Plan retirement for entrepreneurs, small businesses

Saving for retirement is one of the major goals of personal and family savings efforts emphasized by America Saves Week. This tends to be much easier for people working for an employer that offers retirement benefits.  
Retirement planning for the entrepreneur typically involves growing net worth through the years, then someday selling out and retiring on the proceeds of the sale. However, for those who want to pass down some wealth to children or grandchildren, this selling out option creates a large debt burden on family members. What other options are there?  

As a self-employed person or the owner-operator of a small business, many of the same options exist to save for retirement on a tax-deferred basis as employees participating in company plans.

Starting a retirement saving plan can be easier than most business owners think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees of small businesses. Employer contributions are deductible from the employer’s income. Employee contributions (other than Roth contributions) are not taxed until distributed to the employee, and money in the plan grows tax-free.

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