You can setup an individual retirement plan and if you’re an employer set up a group plan for your employees.
A retirement plan may have these benefits for you and your employees:
And, as a business owner (even if you're self-employed), you can usually invest more through a business retirement plan than through an IRA.
Assets withdrawn from a qualified plan may be subject to a 10% penalty tax if withdrawn prior to age 59½ and all may be subject to income tax. Keep in mind that investing involves risk, so there's no guarantee you'll reach your investment goals.
There are many types of retirement plans – 401k, 403b, IRAs, profit-sharing and defined-benefit (or pension) plans. Each has its own benefits, features, levels of complexity and administrative costs. Some are designed for large companies; others, for smaller enterprises. There may be tax implications, as well.