If you went around asking people to name a retirement account, there's a good chance that most of them would say 401(k). Based on its popularity, you could argue that it's the retirement account. According to the latest U.S. Census data, over 34% of working-age people (15 to 64 years old) owned a 401(k).

Despite its popularity and how effective a 401(k) can be at saving for retirement, there's another retirement account that I'd prioritize before focusing all my attention on a 401(k): an IRA.

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Source Fool.com