How #retirement plans can affect your taxes . As you calculate your taxes for 2017, one financial expert says you could cut what you're paying in by saving for the future . There are a number of different types of retirement plans to suit different individual and company needs. Whether you are a business owner or just an individual, you need to decide how much you are willing to spend and who you are willing to benefit. One example, for business owners, is that they need to treat all employees equally if they are wanting to benefit every employee in the business. On the other hand, the business owner does not need to benefit every employee if they are looking to just benefit some of the senior employees or another certain group of employees and can contribute different amounts to each employee. As far as contributions go, the minimum starting contribution amount is $50 with a $10 fee for opening the account and can have contributions as large as $55,000 if you below age 50 or $61,000 if you're above age 50 . There is still time to get these benefits for 2017 if you contribute by April 15th of this year. You can put just about any type of investment into a retirement account. Some examples would be stocks, bonds, mutual funds, or real estate investment trusts.