When you compare the IRA vs 401k, you'll find that the IRA contribution limits are considerably smaller. The major factors that will affect these rates will be your income level, marital status, and age. It is also very important to be aware that the type of IRA you choose for your money may also have hidden advantages (as we’ll illustrate in the example below).   Traditional and Roth IRA Contribution Limits: The current IRA contribution limits for either a Traditional or Roth in 2013 are $5,500 for individuals age 49 and younger, and $6,500 for individuals age 50 and older (starting in the year that you turn 50). Both of these … [Read more...]