Having a retirement plan at work can play a vital role in helping you set money aside for after you retire. The 401(k) plan has become extremely popular among large employers, and millions of taxpayers are able to get big tax breaks by using 401(k) plan contributions to their advantage.
However, not everyone has access to a 401(k). Especially among small businesses, the complexity and cost of setting up and maintaining a 401(k) plan can be too much to handle. However, there are some good alternatives that are tailored to smaller employers. One of them, the SEP IRA, offers extremely large contribution limits while also keeping things relatively easy to administer and manage.
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Source Fool.com