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Which is better, an IRA or 401k?
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An IRA is a retirement savings account that allows you to save for retirement on a tax-deferred basis. A 401(k) is a retirement savings plan offered by some employers. It allows employees to save for retirement and receive certain tax benefits. Generally speaking, the advantages of an IRA include higher contribution limits, more flexibility in terms of how your money can be invested, and greater control over withdrawals in retirement. The primary advantage of a 401(k) is the employer's match, which can significantly increase your retirement savings.