IRAs are one of the most popular retirement accounts for good reason. They're open to anyone who earns income during the year, and they give you the freedom to invest in just about anything. You can also choose when you'd like to pay taxes on your funds.

But IRAs have one big drawback: You can only put up to $7,000 here in 2024, or $8,000 if you're 50 or older. That's a far cry from the $23,000 ($30,500 for those 50-plus) workers can save in a 401(k).

This might be discouraging if you're saving exclusively in an IRA, especially since many Americans believe they'll need to amass close to $2 million for retirement. But don't worry. If you're saving diligently, it's possible to wind up with a lot of money in your IRA.

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Source Fool.com