There are many options for Retirement Plans and you'll have to consider the following:

Do I work for myself or am I employed by someone else?  Do I have employees who work for me?

• A 401K plan allows employees to defer income from their pay (pay income taxes later) and contribute to a separate account for retirement. 401Ks may be matched by employers.  If you do not know or understand what is offered at your company, call your HR department. 
• The Individual K or Solo K Plan is a defined contribution plan for businesses that employ only the owners, their spouses, and partners. In some plans, including 401(k)s, business owners can make both employer and employee contributions. The Individual(k) is offered both with and without a Roth option, which permits after–tax contributions to the account.
• A SEP IRA (Simplified Employee Plan) allows an employer to make contributions toward an employee's retirement and is treated as a profit-sharing plan.  Contributions are made to separate IRAs for each participant and the IRAs can be at any institution or in a self-directed account.
• A SIMPLE IRA (Savings Incentive Match Plan for Employees of Small Employers) is a plan that employers, including self-employed people, can set up. SIMPLEs can be IRAs or 401Ks.
• You should work with your CPA to decide which type of plans is best for you, your company and/or your employees

How much is my Adjusted Gross Income (AGI) per year?

• If you have an AGI below $90K (single) or below $160K (married) you qualify for a Roth IRA (Individual Retirement Plan) which means your contributions are from post-tax dollars, but the investment gains are tax-free upon withdrawal.  Ask your CPA today if you qualify for a Roth IRA!
• Traditional IRA which has the same contribution limits, but the withdrawals will be taxed at whatever your income tax bracket is when you retire.  The contributions were from pre-tax money, so you don't pay taxes twice.

What do I want the money invested in?

• In many cases, this decision is up to you.  If you are employed and in a 401K plan, you might have choices within a given menu of investments.  If you have other types of plans such as Traditional or Roth IRAs, you can decide what types of investments you want your money to be in.  Stocks, bonds, mutual funds are considered traditional assets and there are a myriad of companies or professionals who will invest your retirement money for you.  Non-traditional assets such as real estate, land, notes, and businesses are also allowable investments.  If you want to choose your own investments, consider a "self-directed" IRA or 401K plan.
• Before you decide, ask your Financial Planner for advice.

Whom do I want to manage my investments?

• You can manage your own investments if you choose by having "Self-directed" plans, or you can have a company or professional manage your investments for you.  You can also do a combination of these by investing some on your own, in a rental property, for example, and having the rest managed by someone else. 
• Talk with your Financial Planner about how you want your investments handled.

How much do I want to contribute each year?

• Every year, the IRS (Internal Revenue Service) dictates how much can be contributed to a plan. 
• Remember, contributions are limited, but investment gains are not!  You might only be able to put $4000 in per year, but that $4000 can give an unlimited return to the account.
• Click here for Contribution Limits
• Visit www.IRS.gov