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A visual with the word "options" When it comes to deciding between a Traditional IRA and a new employer’s 401(k), there are a few key differences this couple may want to take into consideration.
An IRA is an individual plan, which makes it a good choice for self-employed, part-time or contract workers. A 401(k) is an employer-sponsored plan that you can access through your workplace. Read ...
“Continue contributing to a Roth or traditional IRA, but remember the contribution limits are relatively low compared to a 401(k),” Meyer said. (The maximum contribution is $7,000 for 2024).
Employer or Individual Employer or sole proprietor sets up this plan. Individual sets up this plan. Contribution Limits Employee contribution limit of $23,500/yr for under 50; $31,000/yr for age 50 or above in 2025; limits are a total of pre-tax Traditional 401(k) and Roth 401(k) contributions. [4]
Many employers offer 401(k)s and match your contributions. Other workplaces, however, might not offer this retirement plan. And, if you are an independent contractor, you may also be looking for ...
Here are the specific types of plans employers usually offer. 401(k) Plans. A 401(k) plan is a type of work retirement plan offered to the employees of a company. Traditional 401(k)s allow ...
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