From 401(k) plans to 403(b) plans, there is a long list of retirement savings accounts you can potentially tap. But there's one in particular that I believe can be the best option for many people. It requires a little extra work, but the long-term benefits will be tremendous.

My favorite retirement savings account is a Roth 401(k). It blends the best advantages of a traditional 401(k) plan and a Roth IRA.

Like other 401(k) plans, a Roth 401(k) features a $23,000 contribution limit for 2024 ($30,500 for those aged 50 and older). That's far above the 2024 Roth IRA contribution limit of $7,000 (or $8,000 for those 50 and older).

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Source Fool.com