In a traditional 401(k) plan, individuals can contribute a maximum of $16,500 for 2011, which is the standard 401(k) deferral, plus a catch-up contribution of $5,500 if they are over age 50.

"As a self-employed person, you can now contribute 25 percent as a profit sharing contribution. If you earn $100,000 in a SEP plan you could put away $25,000. On a $100,000 salary with a solo 401(k), you could put away up to $49,000," he said. Individuals who are 50 years old or older can contribute $54,500 to their solo 401(k).

The solo 401(k) is only available to self-employed individuals and business owners who have no full-time employees other than themselves or a spouse.

Self-employed individuals who only plan on saving $5,000 to $10,000 a year should look into more traditional options that don't cost money to set up, Guettlein says. If you have $30,000 or more to save annually, a solo 401(k) is a good option.  One of its major advantages is that the business owner doesn't have to file a 5500 report as long as the plan balance is below $250,000, he notes.

A SIMPLE IRA plan, which stands for Savings Incentive Match Plan for Employees, allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.

"SIMPLEs work well for small businesses where you employ two or five employees and the employer doesn't want to make a big commitment to making contributions," Guettlein said. "They are funded by employee deferrals primarily."

SEPs also are for small businesses, but they are funded by employer contributions. If an owner wanted to contribute 15 to 20 percent of his income, he also would have to do that for his employees. That makes the SEP option less desirable. SIMPLE IRAs have to be set up by Sept. 30 every year, but SEP and 401(k) plans can be established later in the year. They also can be set up before tax time the following year for the prior year.

Another option for self-employed people who make a lot of money, like doctors or attorneys is to set up a defined benefit pension plan, Guettlein said. "Instead of elective deferrals and a company match, it would be based on a salary replacement ratio at retirement," he said. "I've seen mom and pop family-owned businesses put well over $100,000 a year in a defined benefit plan, where they're the only ones accruing benefits. At some point down the road, if you need to terminate the plan, you can roll it into a traditional IRA. There are a lot of options available for self-employed people."

Most people don't make hundreds of thousands of dollars a year, so more traditional retirement vehicles are important. "For working age people, the Roth is one of the best gifts Congress has ever given us and people should take advantage of that," Guettlein said. "It not only has what you can put into it, but it is tax free at retirement. It gives you some tax diversification in addition to your other retirement assets."

The Roth is different from other retirement accounts in that individuals are not forced to take minimum distributions over their lifetime. "One of the downsides of traditional retirement savings is that you hit 70 and a half and you have to take money out. Traditional IRAs, traditional retirement vehicles require you to take money out whether you need it or not," he said.

Individuals who make more than $105,000 a year are not eligible to participate in a Roth IRA.

Guettlein recommends that people just starting out save aggressively. It helps to hire a company to manage your assets. "Research has shown that people tend to do better when they have a plan and they stick to the plan. One of the jobs of an advisor is to help you develop and stick to a plan," he said.

There are many different types of plans and companies to choose from. Some planners will use single fund companies, like American Funds or Vanguard, and some advisors manage investment models that are risk-based, he said. "We may use 10 to 15 funds from different mutual fund families to build an appropriate portfolio. In a case like that, it works best on a fee-only platform rather than a commission-based platform. If it is on commission, it is tied to one fund family."