According to a LIMRA survey 58% of 1,504 small businesses reporting in August/September of 2018 (defined as US companies with 2-99 employees) do not offer any retirement benefits e.g., 401K, profit sharing plan.
Maybe small businesses without retirement benefits will have to up their game to recruit and or retain employees given initial claims for unemployment (for the week ending 1/19/19) are at the lowest level since November of 1969.
If you are one of those people working for a small business without a retirement plan, your options for tax advantaged savings for retirement are limited. At least consider doing an IRA or maybe a move to an employer offering a 401k type plan.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.