What is a traditional IRA or 401k?
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The two primary options for retirement savings include individual retirement accounts and a defined contribution plan such as a 401k. Individuals can choose to save on their own and open an IRA, however a IRA opened by an individual won't carry the benefit of employer matching. Typically individuals contribute a percentage of their salary to their 401k, and many employers may offer matching contributions to that 401k up to a specified dollar amount.
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