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Asked 2/28/2008
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What is the difference between IRA and 401K Plan? If they are about the same, why do both exist? Are IRAs for the self employed while 401K is for the 9-5 grind??? |
Answer 1/1 - Submitted 2/28/2008
401(k) is sponsered by an employer. They sometimes provide a match of funds. It has a limited number of funds to choose from
An IRA is similar, but is self directed. You can pretty much buy what ever you want - stocks, bonds, mutual funds. CDs, etc
there are special types of IRAs for self employed people that allow you to put away more than in a traditional IRA
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