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SEP IRAs
It's generally a two page application process.
An SEP stands for Simplified Employee Pension and is a type of IRA that acts as a tax-deferred pension plan for companies with 25 or fewer employees or for self-employed persons, in which an IRA is funded by employer and employee contributions. Employees do not pay taxes on SEP contributions, but these contributions are taxed when the employee receives a distribution from the SEP IRA. The SEP-IRA enrollment process is an easy one.
SEP IRA funds are taxed at ordinary income tax rates when qualified withdrawals are taken after age 59. 5 (the same rule as for traditional IRAs). Contributions to a SEP plan will lower a taxpayer's income tax liability in the current year. SEPs are easy to setup and allow business owners to create an easy to establish and low cost retirement program for owners and employees alike.