The U.S. Census reports that among working-age Americans aged 15 to 64, the most common type of retirement account used in 2020 was a 401(k) plan, or a comparable plan like a 403(b). In fact, a good 34.6% of savers had one of these accounts, compared to just 18.2% who had an IRA.

Now there are certainly some benefits to making a 401(k) your retirement savings plan of choice. For one thing, 401(k)s often open the door to employer matching dollars that can help you grow your balance. They also get funded automatically from payroll deductions, which can help you stay on track with your contributions.

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Source Fool.com