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2:19Now Playing401k, IRA: How to choose a retirement plan that’s best for you | For My Money
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2:19Now PlayingThere are many different retirement savings plans traditional IRA, Roth IRA, 401k. Here’s how to choose the one that will help you reach your goals. RELATED
The more money you manage to set aside in a dedicated retirement savings plan, the easier it'll be to make up for Social Security's limited buying power. Right now, you can contribute up to $19,500 a year to a 401(k) plan if you're under the age of 50, or up to $26,000 if you're 50 or older.
If you have an IRA, the contribution limits are lower. But you can still sock away up to $6,000 a year if you're under 50, or up to $7,000 a year if you're 50 or older.
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