Tax-free compounding is like a miracle drug for your retirement. That’s one big reason you want a retirement plan.

Another big reason for the retirement plan is the tax deduction. You could think of the tax deduction as an interest-free loan from the government. You get the deduction now and then pay back the deduction when you withdraw funds, say 20, 30, or 40 years from now. A long-term, interest-free loan is one terrific financial deal.

And when you get this right, you take away the stress of the future. You’ll have enough stashed away so you can do about anything you want. You can retire. You can cut back. You can vacation where you want.

But to get the benefits, you need to start now. And because you are in business for yourself, you have a multitude of options. In this article, we will help you with two of the most popular retirement plans: the Simplified Employee Pension (SEP) and the 401(k). ... Log in to view full article.