Next year, you may wish to consider a Simple IRA. Under this plan, employees of small employers (less than 100 employees) can make annual salary reduction contributions of up to $7,000 ($7,500 for individuals age 50 or older). Plus, employers are also required to make matching contributions or a flat contribution. The deadline for setting up a Simple IRA plan is October 1 for new plans, and all contributions (employee salary reductions plus the employer's matching portions) must be made by the employer by the due date for the employer's business tax return (including extensions).

Source: "Selecting the Right Retirement Plan"