Retirement savings options?

[readytorock]

Currently I am self-employed. I co-own (50/50) a small business with a friend/business partner.

My only retirement savings is maxing out a Roth IRA. But $5,000 per year isn't very much.

Last year I ended up saving an additional $20,000 in a taxable investment account.

Are there better options for saving that money? Either in an account that will provide a tax break now (like a 401k) or later (like my Roth IRA)? I'm not sure what's available for those who are self-employed and which accounts I'm allowed, legally, to have open at the same time.

[disneysteve]

You can have a SEP-IRA or you could set up a 401k for the business.

[jIM_Ohio]

Currently I am self-employed. I co-own (50/50) a small business with a friend/business partner.

My only retirement savings is maxing out a Roth IRA. But $5,000 per year isn't very much.

Last year I ended up saving an additional $20,000 in a taxable investment account.

Are there better options for saving that money? Either in an account that will provide a tax break now (like a 401k) or later (like my Roth IRA)? I'm not sure what's available for those who are self-employed and which accounts I'm allowed, legally, to have open at the same time.

Small Business Retirement Plans - T. Rowe Price

SEP IRA
For self-employed individuals and business owners who wish to make contributions for employees at low administrative costs.

SIMPLE IRA
A low-cost, easy-to-administer plan for self-employed individuals or for businesses with up to 100 employees.

Individual 401k
For sole proprietorships that want to make the highest contribution possible.

Small Business 401k
Geared for businesses with fewer than 500 employees.

Read the links for details

[daviddane]

Try to save a bit more as it will be a lot beneficial for you in future and won't have to worry much about it.