Katie Brockman The Motley Fool Published 12:10 PM EDT Aug 15, 2019 When most people think of saving for retirement, they think about how much they need to save, how much retirement will cost and whether they’re saving enough to reach their goal. But where you put your savings can have just as much of an impact on your money as how much you’re stashing away. The two major players in the retirement account game are the 401(k) and IRA. They both have strengths and weaknesses and choosing the right one can help your savings grow faster, giving you a better shot at retiring comfortably. What is a 401(k)? A 401(k) is a workplace retirement account offered through your employer. Only around 53% of employers offer defined contribution plans such as 401(k)s, according to a Pew survey, so if your employer doesn’t offer you one, you won’t have access to a 401(k). If you are fortunate enough to have access to a 401(k), it can be an incredibly powerful saving tool – especially if your employer offers matching contributions. Employer matching contributions are essentially free money you receive simply by putting money in your 401(k). The most common type of match is $0.50… Read full this story
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