human
I'm having trouble deciding between a 401K and an IRA. What is the difference?
assistant
The primary difference between a 401(k) and an Individual Retirement Account (IRA) is that 401(k)s are typically funded by your employer, while IRAs are funded solely by you. A 401(k) also has higher contribution limits than an IRA, so it can be more beneficial if you're looking to save for retirement. Additionally, 401(k)s often have additional features like matching contributions from employers, which may help increase your savings.