When it comes to retirement planning, many small business owners are on their own. With the burden of managing the day-to-day operations of their business, the task of creating and maintaining a retirement plan for themselves can often get pushed to the side. But, having a retirement plan in place is essential to protect your future income and set you up for a comfortable lifestyle after your working days are over. So, it’s worth it to invest some time into researching your options and considering a small business retirement plan.

A small business retirement plan such as a SEP IRA offers several advantages to small business owners. The most relevant benefit is the ability to contribute substantial sums of money to your retirement savings. With a SEP IRA, you can contribute up to 25% of your annual income or $53,000 (whichever is less). This amount is potentially larger than what you can contribute to an IRA or 401k. Also, the money in your SEP IRA is tax-deferred, meaning you don't have to pay taxes on it until you start withdrawing funds.

Another attractive feature of a SEP IRA is that contributions are tax-deductible. Contributions to a SEP IRA plan can