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The Complete Idiot's Guide® To Protecting Your 401(k) and IRA by Bill Lane, Jennifer Lane

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Plans for the Small Business and the Self-Employed

Just because your business is small doesn’t mean your retirement plan has to be. Small businesses and self-employed people have three amazing retirement plan options whose benefits rival those of the big, expensive-to-administer 401(k) plans. Two of the plans use regular IRA accounts with special benefits to mimic the behavior of a 401(k) but without the cost. One is called the Savings Incentive Match Plan for Employees or the SIMPLE plan. The other is called the Simplified Employee Pension or SEP plan. The third option, called the single-person 401(k) or the solo 401(k), simplifies the administration of a 401(k) enough to make it affordable for single-person companies and mom-and-pop shops. ...

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