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Protection Account is protected from bankruptcy and creditors (with limited exceptions, e.g. IRS). Account is protected from bankruptcy up to $1,362,800. [12] Protection from creditors varies by state (from none to full protection). (Traditional) 401(k) Roth 401(k) Traditional IRA Roth IRA
The Employee Retirement Income Security Act (ERISA) keeps your money safe from creditors and bankruptcy court, as long as you have a qualified account. Qualified plans include pensions ...
“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).
Another key advantage of a 401(k) is the high contribution limit — $23,000 vs. $7,000 for an IRA. Key Differences Between IRAs and 401(k) Accounts Here is an overview to help you quickly compare ...
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Roth 401(k)s are a relatively new type of retirement savings plan. Established in 2001 through the Economic Growth and Tax Relief Reconciliation Act ... Roth 401(k) vs. Roth IRA.
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