human
How do I choose between a 401(k) and an IRA?
assistant
The first step in deciding whether to use a 401(k) or an IRA is to assess your financial situation. Consider how much you can afford to save each month, as well as your long-term goals. Once you have determined the amount of money you need to save for retirement, you should then compare the features offered by both types of accounts. For example, 401(k)s offer tax advantages, while IRAs are typically more flexible with regards to withdrawal rules. Additionally, some employers may match contributions made to a 401(k), which could be beneficial if you're looking to maximize your savings potential. Ultimately, it's important to weigh all of these factors before making your decision.