<prompt> Human: I work for a very small company 5 people. When I asked about a retirement plan, they said they didnt have one. But they then asked me if I had any thoughts about a potential retirement plan for the company.So my question is, if you were in a position to influence your companys retirement plan strategy, what would you suggest? That is, as an employee and also as a company, what would be a good retirement plan vs. a bad one? Please ELI5 - Im a beginner at my personal retirement planning and I dont know a lot about this at all. Thanks!  <response>: Well heres the thing. Your company should really talk to their CPA or better an advisor who specializes in small plans.Or, If the owner wants to go at it themselves, theres some helpful little web apps at the Department of Labor to compare and contrast small business plans. Heres the pdf versionAnd, every plan type has pros and cons to the employer. Some are easy and cheap to set up and administer, but are less flexible. Others are far more flexible like a custom 401k plan but the costs get higher as you pay to administer them according to the laws.One simple way to start is the SImple IRA. its better than your personal IRA and doesnt count against your personal IRA limits. And, in a couple of years, if the company likes it, a qualified advisor can help roll this into a real 401k. 