(Smart Money) — After working for years at the automotive web site Carfax, Lowell Bike struck out on his own, co-founding MyAutoTips.com. Bike knew starting a business would have its challenges, but he never thought setting up a retirement plan would be so difficult.
“It was confusing,” he says. “There are just so many requirements for each different plan.”
As if saving for retirement wasn’t hard enough already, small business owners have the extra burden of having to set up their own savings funds. Business start-ups reached their highest level in 14 years in 2009, according to the Kauffman Index of Entrepreneurial Activity, and as more Americans become their own bosses, picking the right savings plan is an important planning decision.
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