IRA vs 401k: Retirement Account Comparison Guide
By Department of Labor EBSA | 7 min read
Compare retirement account options with Department of Labor guidance. 401(k) vs IRA contribution limits and benefits.
The Department of Labor explains key differences between retirement accounts. 401(k) plans: Employer-sponsored with possible matching, Higher contribution limits ($23,000 in 2024), Limited investment options. IRAs: Individual accounts with more investment flexibility, Lower contribution limits ($7,000 in 2024), Traditional and Roth options available. Consider contributing to 401(k) up to employer match, then maximizing IRA contributions.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)