When deciding on retirement saving strategies, IRAs, Roth IRAs and 401(k) plans may end up at the top of your list. But how does each plan work? What are the key differences? And why would you choose one plan over another,  or is it best to have both? These are all valid questions that will help you select the best retirement plan for your needs.

Traditional IRA
An IRA is a product for those who may not have access to an employer-funded retirement account, such as those who work for themselves. If you have a 401(k), you may still want to consider opening an IRA to supplement those goals.
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Roth IRA
Once you open your Roth IRA, you can begin to put money into the account. You contribute after-tax dollars. That means you are investing money into this account that you are already paying taxes on during the year.
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A 401(k) is a type of retirement account commonly set up by an employer to help employees save for retirement. It is a tax-advantaged account, which means you benefit from tax savings when you use your account for retirement income.
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