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But that doesn't make a 401(k) better than a Roth IRA. Each account represents an opportunity to build retirement savings. If you have room in your budget, consider contributing to both accounts.
If your employer does not offer a 401(k), then your best option is a Roth IRA. “The Roth IRA will give you the same tax benefits on your growth as the Roth 401(k),” Meyer said.
IRAs offer you more control over your investment options than a 401(k) allows. In a typical 401(k) plan, you’re limited to the investment choices that your employer’s plan offers. These ...
Can be converted to a Roth IRA, typically for backdoor Roth IRA contributions. Taxes need to be paid during the year of the conversion. Also, the non-basis portion can be rolled over into a 401(k), if allowed by the 401(k) plan. Changing Institutions Can roll over to another employer's 401(k) plan or to a rollover IRA at an independent institution.
Fortunately, it’s not too late to diversify your retirement investments. The sooner you start, the better. Below are five types of accounts to help you set the stage for a more comfortable ...
But these accounts also give you greater flexibility than 401(k)s. You have a broader range of investment options to choose from whereas most 401(k)s limit you to a handful of mutual funds.
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