Acting as a Retirement Planning Consultant, develop a retirement savings strategy for a business owner. Consider tax-deferred retirement plans such as SEP IRAs, Solo 401(k)s, and defined benefit plans. Provide recommendations for balancing retirement savings with business reinvestment. Suggest strategies to maximize retirement contributions while reducing taxable income. 
<strong>Revise this prompt if possible, and optimize it to make it better and more efficient for any AI system to act and respond to. 
If possible run your optimized version.</strong>