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What are the advantages of a 401(k) plan vs. a traditional IRA?
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The main advantage of a 401(k) plan over a traditional IRA is that it offers employers an opportunity to match employee contributions up to a certain percentage, which can result in higher retirement savings. Additionally, 401(k) plans often have more investment options than traditional IRAs and allow employees to take loans from their account if needed. Finally, 401(k) plans may offer additional tax benefits such as deductions or credits.