A 401(k) plan is something not every retirement saver has access to. And that's OK, because people who don't have the option to save in a 401(k) can instead build a nest egg in an IRA instead. The only requirement to fund an IRA is having earned income -- you don't need an employer's sponsorship or approval.

However, you may be in a position where you have the option to save for retirement in both an IRA and a 401(k) in the coming year. The question is, which long-term savings plan is the better choice? To figure out the answer, ask yourself these two key questions.

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Source Fool.com