Self-employed individuals can use SEP and SIMPLE IRAs to save for retirement, offering cost-effective alternatives to 401(k) plans. These plans allow for tax-deductible or pre-tax contributions, with earnings growing tax-deferred. Withdrawals before age 59 ½ may incur penalties, and the final retirement benefit depends on contributions, accumulation duration, and investment returns. Distributions are taxed as ordinary income, without the 10-year averaging available in 401(k) plans.
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