Saving for retirement is essential. If you don't gather a substantial nest egg during your working years, you're almost certain to struggle to cover your bills once you wrap up your career and stop collecting paychecks.

Now, when it comes to retirement savings plans, you have choices. Among the most common is the 401(k). If your employer sponsors a 401(k) plan or something similar, you can opt to put money into it. Otherwise, you can house your retirement savings in an IRA that you open and manage independently.

But which account is right for you? Here's how to figure it out.

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Source Fool.com