Your retirement is likely the largest financial goal you have. If you have a 401(k) available at work, it can be an incredibly powerful tool in your arsenal to help you save for that goal. With annual contribution limits as high as $23,000 for people under age 50 or $30,500 for those age 50 and up, you might even be able to become a millionaire by retirement from your 401(k) alone.

401(k) plans come in two distinct styles: traditional and Roth. The differences between them can have a big impact on both your current financial situation and what your overall financial profile looks like in retirement. If you've got both available to you in 2024, choosing between them might seem a bit daunting at first. This article can help you weigh several key factors to come up with a great decision for yourself.

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Source Fool.com