Financial security in retirement is a goal worth pursuing, but it’s one that a significant percentage of individuals feel is out of reach. According to a February 2024 report from the National Institute on Retirement Security, 55 percent of Americans are concerned they cannot achieve financial security in retirement. Saving for retirement is an integral component of securing long-term financial security. There are many ways to save for retirement, and individual retirement accounts (IRAs) and employer-sponsored 401(k) plans are among the more popular ways investors build a nest egg for their golden years. IRAs and 401(k) plans differ in some notable ways, and recognition of what distinguishes these types of accounts can help people choose the right vehicle for them. When considering these vehicles, it’s important to point out that contribution limits can change from year to year, so individuals can expect to increase their contributions in future years if they hope to maximize the…