GOLDEN VALLEY, Minn.- How do you save for retirement when you work for yourself?

It's becoming more common: more than half a million Americans become self employed every month, according to the Kaufman Foundation. A separate survey finds 34 percent of entrepreneurs don't have a retirement plan.

"Of the millions of entrepreneurs in the U.S. today, a common financial component missing in their business is a retirement savings plan," said financial advisor Dan Ament from Morgan Stanley in Wayzata.

The top reasons that entrepreneurs fail to save for retirement: 37 percent say they have insufficient income; 21 percent need the capital to invest in business; and 18 percent say they're planning to sell their business someday to fund their retirement.

There are several small business retirement options available, including a self-employed 401(K), and several types of IRA (Traditional, Roth, Simple, SEP).

"Establishing and maintaining a retirement plan for your business can be easier than you think," Ament said. "There are a wide variety of retirement strategies available which can offer significant money saving tax advantages to both employers and employees. Start by consulting an investment advisor and your tax advisor to determine what plan type best fits your objectives."