If you are below 50 for either, the amount is $5,000 for the IRA account and $15,500 for the 401k retirement plan. If you're fortunate enough to have a 401(k) available to you at your workplace, you should definitely take advantage of it. Initially, you're encouraged to save for retirement with an IRA or 401k deduction with the assumption that taxes are deferred until Required Minimum Distribution. When it comes to retirement planning, saving for retirement is more important than ever, this day and age. Not only will you likely receive a match from your employer, but 401k limits are often substantially larger their IRA counterparts.
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