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Many smaller businesses now offer Simple IRAs to their employees. These retirement plans deliver many of the same benefits as a 401(k) plan as well as similar tax advantages to a Traditional IRA. 

It's no secret that stashing away funds in a tax-advantaged retirement account is a savvy financial move. However, the stringent rules attached to these accounts can often make it challenging if you need to access your savings in an emergency.

Certificates of deposit (CDs) can be an attractive investment option, offering many benefits such as fixed returns and higher interest rates than traditional savings accounts. However, there are a few potential downsides and it's essential to understand them fully before diving in.