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What is the difference between a 401(k) and an IRA?

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What is the difference between a 401(k) and an IRA?
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    1. Certainly, let's simplify it: A 401(k) is like a retirement savings account provided by your employer. They often match what you contribute, and the money is taken directly from your paycheck before taxes. An IRA (Individual Retirement Account) is a personal retirement savings account you set up youRead more

      Certainly, let’s simplify it:

      A 401(k) is like a retirement savings account provided by your employer. They often match what you contribute, and the money is taken directly from your paycheck before taxes.

      An IRA (Individual Retirement Account) is a personal retirement savings account you set up yourself. You contribute money from your earnings, and it can come from various sources like a bank or investment firm.

      In a nutshell, 401(k) is through work, IRA is on your own. Both help you save for retirement.

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