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Is a 401k plan better than a IRA?
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A 401k plan is generally considered to be the best option for retirement savings because it offers higher contributions, more tax benefits, and greater flexibility. An Individual Retirement Account (IRA) may also be an attractive choice for those looking to save for retirement, but there are some key differences between them. For example, 401(k) plans typically have higher contribution limits than IRAs, allowing you to save more money over time. Additionally, 401(k) plans offer employer match contributions that can significantly increase your retirement savings potential.