Why do I need a 401(k)?

A 401(k) is the best way to save for retirement. When a company establishes a 401(k) plan the employer can provide a matching plan for their employees and give their employees access to investment options they otherwise would not have had.

In addition to the large tax savings associated with a 401(k) plan, plan participants can contribute more money to a 401(k) than to an IRA. So what are the most common retirement plans for small businesses, and why is a 401(k) plan your best option?