3 Better Ways to Save for Retirement Than a 401(k)

Using only a 401(k) for retirement might be a costly mistake. The 401(k) is popular for good reasons -- tax deferrals, automatic savings, employer matches, low fees, and guidance from the plan administrator are all attractive features.

Still, there are some drawbacks to any type of financial account, and a balanced approach can yield benefits. You might want to consider some alternatives to improve flexibility and control over your retirement fund.

Traditional IRAs are similar to 401(k) accounts. Both allow people to deduct earned income from their taxes and defer the income tax payable on those earnings until retirement.

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Source Fool.com