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IRA vs. 401(k): Which is better for you? - Business Insider

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IRAs and 401(k)s offer similar tax perks, and financial experts recommend using both to save for retirement

Some employers will match a portion of your annual contributions, up to a maximum percentage of your salary. For instance, if you make $50,000 a year and your employer provides a 100% matching benefit of up to 3% of your annual salary, your employer will give you $1,500 per year.How a Roth 401 works

. If you expect to be in a higher tax bracket when you retire than you are currently, you may want to pay taxes now and contribute after-tax dollars to your account.How to decide between an IRA and 401 Your tax bracket greatly affects how much you'll pay for contributing to or withdrawing from your retirement account.

If you want higher contribution limits and potential employer matches, you should consider opening a 401. As with IRAs, you'll have two 401 account options: pre-tax or after-tax.

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