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What is the difference between a ira and 401k

Started by Chantay J.
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A

Amanda E.

An IRA is an Individual Retirement Account. A 401k is an employer-provided retirement account.

401ks have a higher contribution limit (to incentivize employers to offer them) but nearly 1/3rd of Americans don't have access to a 401k. Everyone has access to an IRA

E

Elena B.

An IRA is a retirement account that can be opened through a brokerage firm. IRAs can be either traditional or Roth. Generally an IRA offers a wide range of investment options. A 401k is an employer sponsored retirement plan. Of the two a 401k has higher contribution limits and depending on your employer you may qualify for a match on your contributions.

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