Your Retirement Savings and Change in Employment, Part 3

Often small businesses offer different types of retirement plans, such as Savings Incentive Match Plan for Employees (SIMPLE) and Simplified Employee Pension (SEP) IRA plans. The options are similar to those of 401(k) plans, but there are significant differences. For instance, plan participants can take withdrawals from SIMPLE and SEP IRAs at any time. Withdrawals may be taxed as ordinary income and subject to penalty taxes if the participant is younger than age 59½.

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