Because 401 (k) plans offer limited investment options, you may be limited to buying only mutual fund shares, which usually charge higher fees than other types of securities that can be accessed with IRAs. By contrast, IRA investments usually have few or no fees. Both 401 (k) plans and IRAs have valuable tax benefits, and you can contribute to both at the same time. The main difference between 401 (k) and IRAs is that employers offer 401 (k) plans, but people open them (using brokers or banks).
If you are looking for more investment options, you may want to consider a Gold IRA. Top rated Gold IRA companies offer a variety of investment options that can help you diversify your portfolio. IRAs tend to offer more investments; 401 (k) allow for higher annual contributions. A Roth IRA is a good option if you don't qualify to deduct traditional IRA contributions or if you don't mind giving up the immediate IRA tax deduction in exchange for increasing your investments without taxes and tax-free withdrawals when you retire. Like most 401 (k) plans, some IRA providers charge custody fees simply because they have an open account.
The best IRAs allow you to invest in potentially high-yield assets, such as stocks and equity funds. At the same time, IRAs are available free of charge from most low-cost online providers, but some brokerages (usually those that offer live financial advice) may charge a recurring fee to keep an IRA open. An IRA is an individual retirement account that allows anyone with earned income (and even their spouse) to save for retirement with tax advantages.