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There will also be contribution limits (which are ",{"text":881,"type":22,"marks":882},"impacted by inflation",[883],{"type":31,"attrs":884},{"href":885,"uuid":886,"anchor":34,"target":35,"linktype":74,"story":887},"/discover/banking/what-is-inflation-and-how-does-it-work","c0682f76-7820-4276-8135-1a7e3329a23d",{"name":888,"id":889,"uuid":886,"slug":890,"url":891,"full_slug":891,"_stopResolving":558},"What is inflation and how does it work?",381388053,"what-is-inflation-and-how-does-it-work","discover/banking/what-is-inflation-and-how-does-it-work",{"text":893,"type":22},") to consider.",{"type":18,"content":895},[896,898,904,906,912],{"text":897,"type":22},"For 2024, the annual limit on ",{"text":899,"type":22,"marks":900},"employee contributions",[901],{"type":31,"attrs":902},{"href":903,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000",{"text":905,"type":22}," for workers under 50 was $23,000. For individuals aged 50 and over, an additional ‘catch-up’ contribution limit of $7,500 also exists.When it comes to a major financial issue such as retirement planning, it makes sense to speak to a financial advisor. Unbiased can help match you with a professional suited to your needs. Simply answer a few questions, and we’ll do the rest. ",{"text":907,"type":22,"marks":908},"Get started here",[909],{"type":31,"attrs":910},{"href":911,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://v2.unbiased.com/inquiry/financial-advisor/primary-areas?_gl=1%2a1kg06th%2a_gcl_au%2aMTUyNjk5OTY4OC4xNzQwMzg4NTY2%2a_ga%2aMTYyMzQwNDg3My4xNzMyNjEyMjYy%2a_ga_2L93GWDPD4%2aMTc0MDM4NzU3Ni43Ny4xLjE3NDAzOTAwMzMuNTMuMC4w&mf-type=regular",{"text":913,"type":22},".",{"type":814,"attrs":915,"content":916},{"level":816},[917],{"text":918,"type":22},"What is an IRA and a Roth IRA?",{"type":18,"content":920},[921],{"text":922,"type":22},"Is an IRA a 401(k)? No. An IRA is an acronym for an individual retirement account, which is a separate retirement savings account. ",{"type":18,"content":924},[925],{"text":926,"type":22},"Anyone with income can open an IRA through a bank, online brokerage, personal broker, or investment company and contribute to it, saving and investing for the long term.",{"type":18,"content":928},[929],{"text":930,"type":22},"Unlike a 401(k), there’s no need to involve (or have) an employer when opening an IRA.",{"type":18,"content":932},[933],{"text":934,"type":22},"There are annual income limitations for deducted contributions, and money held in an IRA can usually not be withdrawn before the age of 59 and a half without incurring a 10% tax penalty.",{"type":18,"content":936},[937],{"text":938,"type":22},"There are four main types of IRA:",{"type":767,"content":940},[941,951,961,971],{"type":770,"content":942},[943],{"type":18,"content":944},[945,949],{"text":946,"type":22,"marks":947},"A traditional IRA:",[948],{"type":38},{"text":950,"type":22}," Like a traditional 401(k), contributions are pre-tax, and withdrawals are taxed.",{"type":770,"content":952},[953],{"type":18,"content":954},[955,959],{"text":956,"type":22,"marks":957},"A Roth IRA:",[958],{"type":38},{"text":960,"type":22}," Like a Roth 401(k), contributions are taxed, but qualified distributions are tax-free.",{"type":770,"content":962},[963],{"type":18,"content":964},[965,969],{"text":966,"type":22,"marks":967},"A Simplified Employee Pension (SEP) IRA: ",[968],{"type":38},{"text":970,"type":22},"Designed for self-employed individuals.",{"type":770,"content":972},[973],{"type":18,"content":974},[975,979],{"text":976,"type":22,"marks":977},"A Savings Incentive Match Plan for Employees (SIMPLE) IRA:",[978],{"type":38},{"text":980,"type":22}," Designed for self-employed individuals and small business owners.",{"type":18,"content":982},[983,985,997],{"text":984,"type":22},"What about rolling over your ",{"text":986,"type":22,"marks":987},"401(k) to a Roth IRA?",[988],{"type":31,"attrs":989},{"href":990,"uuid":991,"anchor":34,"target":35,"linktype":74,"story":992},"/discover/retirement/401k-rollover","1f0b3350-4e47-4df8-80f0-2d2f7202728a",{"name":993,"id":994,"uuid":991,"slug":995,"url":996,"full_slug":996,"_stopResolving":558},"401(k) rollover",569244794,"401k-rollover","discover/retirement/401k-rollover",{"text":998,"type":22}," To avoid 401(k) contribution limits, many people at some point choose to change their 401(k) into a Roth IRA.",{"type":18,"content":1000},[1001],{"text":1002,"type":22},"This is called a Roth conversion, and it allows people to enjoy 401(k) benefits followed by Roth IRA benefits – the best of both worlds.",{"type":18,"content":1004},[1005],{"text":1006,"type":22},"It’s important to note that after a Roth conversion, you will owe tax on the money from your 401(k) if it was previously untaxed (but not if you’re transferring from a Roth 401(k) to a Roth IRA.",{"type":18,"content":1008},[1009,1011,1023],{"text":1010,"type":22},"Plus, though you’ll be able to withdraw contributions, you won’t be able to withdraw earnings (",{"text":1012,"type":22,"marks":1013},"interest",[1014],{"type":31,"attrs":1015},{"href":1016,"uuid":1017,"anchor":34,"target":35,"linktype":74,"story":1018},"/discover/banking/the-best-ways-to-earn-the-most-interest-on-your-savings","e4305b46-a1f0-4490-82ac-b25a5d6b5e06",{"name":1019,"id":1020,"uuid":1017,"slug":1021,"url":1022,"full_slug":1022,"_stopResolving":558},"The best ways to earn the most interest on your savings",381426950,"the-best-ways-to-earn-the-most-interest-on-your-savings","discover/banking/the-best-ways-to-earn-the-most-interest-on-your-savings",{"text":1024,"type":22}," and profits) from your Roth IRA for at least five years once you’ve transferred.",{"type":18,"content":1026},[1027,1029,1035],{"text":1028,"type":22},"Want to see your Roth IRA at retirement? Use our ",{"text":1030,"type":22,"marks":1031},"free Roth IRA Calculator",[1032],{"type":31,"attrs":1033},{"href":1034,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://www.unbiased.com/discover/retirement/roth-ira-calculator",{"text":913,"type":22},{"type":814,"attrs":1037,"content":1038},{"level":816},[1039],{"text":1040,"type":22},"Roth IRA or 401(k): the pros and cons",{"type":18,"content":1042},[1043],{"text":1044,"type":22},"When choosing the right retirement savings account for you, consider the many benefits, drawbacks, and considerations for each option.",{"type":18,"content":1046},[1047],{"text":1048,"type":22},"But how do they fare when compared with each other?",{"type":18,"content":1050},[1051],{"text":1052,"type":22},"Here’s a list of pros and cons that explain the main advantages and disadvantages of IRAs, 401(k)s, et al.",{"type":814,"attrs":1054,"content":1056},{"level":1055},3,[1057],{"text":1058,"type":22},"IRA/Roth IRA advantages",{"type":767,"content":1060},[1061,1067,1073,1079,1085],{"type":770,"content":1062},[1063],{"type":18,"content":1064},[1065],{"text":1066,"type":22},"When you open an IRA, you can choose to invest in a wide range of financial products, including stocks, bonds, mutual funds, and exchange-traded funds.",{"type":770,"content":1068},[1069],{"type":18,"content":1070},[1071],{"text":1072,"type":22},"Self-directed IRAs allow designated third parties to make all your investment decisions for you.",{"type":770,"content":1074},[1075],{"type":18,"content":1076},[1077],{"text":1078,"type":22},"IRAs come with significant tax deductions, and Roth IRAs benefit from tax-free growth.",{"type":770,"content":1080},[1081],{"type":18,"content":1082},[1083],{"text":1084,"type":22},"IRAs are accessible and easy to set up.",{"type":770,"content":1086},[1087],{"type":18,"content":1088},[1089],{"text":1090,"type":22},"There are no income limits applied to IRAs.",{"type":814,"attrs":1092,"content":1093},{"level":1055},[1094],{"text":1095,"type":22},"IRA/Roth IRA disadvantages",{"type":767,"content":1097},[1098,1104,1110,1116,1122],{"type":770,"content":1099},[1100],{"type":18,"content":1101},[1102],{"text":1103,"type":22},"There are contribution limits applied to IRAs.",{"type":770,"content":1105},[1106],{"type":18,"content":1107},[1108],{"text":1109,"type":22},"If covered by a workplace retirement plan, tax deductibility is limited.",{"type":770,"content":1111},[1112],{"type":18,"content":1113},[1114],{"text":1115,"type":22},"Penalties apply for money taken from an IRA before the age of 60.",{"type":770,"content":1117},[1118],{"type":18,"content":1119},[1120],{"text":1121,"type":22},"The IRS generally requires distributions from an IRA to begin by age 72.",{"type":770,"content":1123},[1124],{"type":18,"content":1125},[1126],{"text":1127,"type":22},"An IRA can create a task risk due to exposure.",{"type":814,"attrs":1129,"content":1130},{"level":1055},[1131],{"text":1132,"type":22},"401(k)/Roth 401(k) advantages",{"type":767,"content":1134},[1135,1141,1147,1153,1159],{"type":770,"content":1136},[1137],{"type":18,"content":1138},[1139],{"text":1140,"type":22},"A 401(k) can increase your retirement savings through employer matching.",{"type":770,"content":1142},[1143],{"type":18,"content":1144},[1145],{"text":1146,"type":22},"401 (k) contributions can be used as loans in an emergency or financial crisis.",{"type":770,"content":1148},[1149],{"type":18,"content":1150},[1151],{"text":1152,"type":22},"401(k)s have some excellent income tax benefits, and contributions to a traditional version reduce annual taxable income.",{"type":770,"content":1154},[1155],{"type":18,"content":1156},[1157],{"text":1158,"type":22},"401(k) contributions are automated and easy to manage.",{"type":770,"content":1160},[1161],{"type":18,"content":1162},[1163],{"text":1164,"type":22},"A 401(k) is federally protected and a good gateway into other investment options.",{"type":814,"attrs":1166,"content":1167},{"level":1055},[1168],{"text":1169,"type":22},"401(k)/Roth 401(k) disadvantages",{"type":767,"content":1171},[1172,1178,1184,1190,1196],{"type":770,"content":1173},[1174],{"type":18,"content":1175},[1176],{"text":1177,"type":22},"401(k)s require monitoring and management over time.",{"type":770,"content":1179},[1180],{"type":18,"content":1181},[1182],{"text":1183,"type":22},"401(k)s don’t come with much guidance and require owners to make investment selections.",{"type":770,"content":1185},[1186],{"type":18,"content":1187},[1188],{"text":1189,"type":22},"There are early withdrawal penalties, potential waiting periods, and high fees associated with 401(k)s.",{"type":770,"content":1191},[1192],{"type":18,"content":1193},[1194],{"text":1195,"type":22},"401(k)s aren’t very flexible and come with fewer investment options.",{"type":770,"content":1197},[1198],{"type":18,"content":1199},[1200],{"text":1201,"type":22},"401(k)s allow higher annual contributions than IRAs, but a limit is still applied.",{"type":814,"attrs":1203,"content":1204},{"level":816},[1205],{"text":1206,"type":22},"IRA vs 401(k): which should I choose?",{"type":18,"content":1208},[1209],{"text":1210,"type":22},"Getting ready for retirement is one of the biggest financial decisions that you’ll make. It’s best to get expert financial advice before making any big choices",{"type":18,"content":1212},[1213],{"text":1214,"type":22},"A financial advisor can help you avoid the stress and pressure of making such a big life decision by providing expert, trusted advice.",{"type":18,"content":1216},[1217,1223],{"text":1218,"type":22,"marks":1219},"Find your financial advisor today",[1220],{"type":31,"attrs":1221},{"href":1222,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://v2.unbiased.com/inquiry/financial-advisor/primary-areas?_gl=1%2a133aipk%2a_gcl_au%2aMTUyNjk5OTY4OC4xNzQwMzg4NTY2%2a_ga%2aMTYyMzQwNDg3My4xNzMyNjEyMjYy%2a_ga_2L93GWDPD4%2aMTc0MDM4NzU3Ni43Ny4xLjE3NDAzOTI0NTMuNTkuMC4w&mf-type=regular",{"text":913,"type":22},"article-rich-text",[1226],{"_uid":1227,"image":1228,"title":1234,"CTALink":12,"CTAText":12,"subtitle":12,"component":1248,"breadcrumbs":558},"7258534c-6542-4ae2-bfde-cd263bf80204",{"id":1229,"alt":1230,"name":12,"focus":12,"title":1231,"source":12,"filename":1232,"copyright":12,"fieldtype":804,"meta_data":1233,"is_external_url":543},11648110,"A man in a shirt is writing some papers, with coins and a model of the house on the table","A man who is writing","https://a.storyblok.com/f/185166/900x480/b9631a09d4/401k-vs-ira.webp",{},{"type":15,"content":1235},[1236],{"type":18,"content":1237},[1238,1240,1246],{"text":1239,"type":22},"401(k) vs. IRA: ",{"text":1241,"type":22,"marks":1242},"what’s the difference?",[1243],{"type":25,"attrs":1244},{"class":1245},"primary-gradient",{"text":1247,"type":22}," ","app-hero",{"name":1250,"created_at":1251,"published_at":1252,"updated_at":1253,"id":1254,"uuid":1255,"content":1256,"slug":1267,"full_slug":1268,"sort_by_date":34,"position":1269,"tag_list":1270,"is_startpage":543,"parent_id":1271,"meta_data":34,"group_id":1272,"first_published_at":1273,"release_id":34,"lang":730,"path":34,"alternates":1274,"default_full_slug":34,"translated_slugs":34,"_stopResolving":558},"Andrew Michael","2024-12-12T14:38:57.991Z","2025-01-28T11:53:05.120Z","2025-01-28T11:53:05.154Z",594845712,"51e5cc26-cf3f-44ed-aafe-a1a62ee99787",{"job":1257,"_uid":1258,"name":1250,"image":1259,"component":1263,"education":1264,"expertise":1265,"description":1266},"Content Writer","a6e3129c-eeee-4438-8204-797883981521",{"id":1260,"alt":12,"name":12,"focus":12,"title":12,"source":12,"filename":1261,"copyright":12,"fieldtype":804,"meta_data":1262,"is_external_url":543},19150475,"https://a.storyblok.com/f/185166/2316x3088/3d19422433/andrew-michael.jpg",{},"article-author","University of London, BSc (Hons) in Physics","Five journalism awards, including Investment Journalist of the Year (twice), Pensions Journalist of the Year (twice), and Venture Capital Journalist of the Year.\nFormer editor-in-chief of investment titles at Financial Times Magazines.\nSpecial recognition trophy, Headlinemoney Awards 2023.\n","Andrew Michael is a multiple award-winning financial journalist and editor whose work has appeared in numerous newspapers, magazines, and online platforms, including The Times, Evening Standard Money, Financial Times, Shares, and Forbes Advisor. ","andrew-michael","authors/andrew-michael",-10,[],224651374,"e88416b7-efa8-4a91-8603-ea86e80e816e","2024-12-12T14:40:44.315Z",[],[],{"_uid":1277,"title":750,"plugin":1278,"og_image":12,"og_title":12,"description":1279,"twitter_image":12,"twitter_title":12,"og_description":12,"twitter_description":12},"3b7e7a1e-2cc0-44af-9429-4e752719d8e7","seo_metatags","If you’d like to discover the key differences between a 401(k) and an IRA, you’re in the right place. Find out which retirement plan is best for your unique situation.","app-article",[],[1283],"2e2a39e5-4f86-4f45-8ad7-3d257c361ad2","In this article, we’ll go over everything you need to know to make a well-informed decision between a Roth IRA/traditional IRA vs a 401(k)/Roth 401(k).",[],"401k-vs-ira-what-s-the-difference","discover/retirement/401k-vs-ira-what-s-the-difference",1460,[],365223437,"df21c8d9-3e00-4128-9be9-b94c63e92555","2022-11-29T11:59:59.771Z",[],{"left":727,"top":727,"width":1295,"height":1295,"rotate":727,"vFlip":543,"hFlip":543,"body":1296},24,"\u003Cpath fill=\"currentColor\" d=\"M3.71 16.29a1 1 0 0 0-.33-.21a1 1 0 0 0-.76 0a1 1 0 0 0-.33.21a1 1 0 0 0-.21.33a1 1 0 0 0 .21 1.09a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1 1 0 0 0 .21-1.09a1 1 0 0 0-.21-.33M7 8h14a1 1 0 0 0 0-2H7a1 1 0 0 0 0 2m-3.29 3.29a1 1 0 0 0-1.09-.21a1.2 1.2 0 0 0-.33.21a1 1 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1 1 0 0 0-.21-.33M21 11H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2M3.71 6.29a1 1 0 0 0-.33-.21a1 1 0 0 0-1.09.21a1.2 1.2 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a1 1 0 0 0 1.09-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1.2 1.2 0 0 0-.21-.33M21 16H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2\"/>",[1298,1301,1302],{"title":1299,"exact":558,"href":1300},"Home","https://www.unbiased.com",{"title":161,"exact":558,"to":174,"disabled":543},{"title":750,"exact":558,"to":1303,"disabled":558},"/discover/retirement/401k-vs-ira-what-s-the-difference",{"left":727,"top":727,"width":733,"height":733,"rotate":727,"vFlip":543,"hFlip":543,"body":1305},"\u003Cpath fill=\"currentColor\" d=\"m181.66 133.66l-80 80a8 8 0 0 1-11.32-11.32L164.69 128L90.34 53.66a8 8 0 0 1 11.32-11.32l80 80a8 8 0 0 1 0 11.32\"/>",1777541056815]