As a business owner, you have a variety of sources for retirement income:

• Your Business:  You can hire other managers — or even family members — to run your business.  This may result in collecting ongoing income.  Or, you might decide to sell your business, which could potentially result in a large windfall.  Yet, these scenarios are not easy to achieve.
• Social Security:  Unfortunately, the benefits are meager.  Moreover, they will likely to get worse over time.
• Savings:  As a business owner, you may not have much savings.  The reason is that you may need to put more money into your business.
• Other Plans:  You may have a retirement plan from a prior employer or even a current one (if you have a side job).

While the above are reasonable ways to provide for your retirement, chances are that they are not enough.  The good news is that the federal government provides a variety of ways for business owners to easily setup retirement plans.  Of course, you can setup the same plans for your employees, which can be an excellent way to attract top-talent and improve morale.

And yes, the deductions can add up.

Here are some helpful resources:

• What are some of the pros and cons of a retirement plan?
• What is a defined benefit plan?
• What is a defined contribution plan?
• What are the main requirements for setting up a retirement plan for employees?
• Do you need approval for your retirement plan from the IRS?
• What are the costs of an employee retirement plan?
• What about retirement plans that are only for business owners?
• How are contributions handled for the self-employed?
• What is a simplified employee pension (SEP)?
• What is a SIMPLE plan?
• What is a 401(k)?
• What is a solo 401(k)?
• What is a Roth 401(k)?
• What is a Keogh plan?
• What is an individual retirement account (IRA)?
• What is a traditional IRA?
• What is a Roth IRA?
• What are the deadlines for setting up retirement plans?
• As a business owner, can you change your retirement account?