Understanding Retirement Account Options

Compare different retirement accounts, such as 401(k)s and IRAs, to determine the best options for various financial situations.

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Assume the role of a financial advisor and analyze the following retirement account options for [individual/household name]. Provide a detailed comparison of 401(k)s and IRAs, focusing on tax advantages, contribution limits, investment flexibility, and withdrawal rules. Consider [individual/household name]'s financial situation, including income level, retirement goals, and risk tolerance. Suggest the most suitable retirement account option based on these factors, and explain the reasoning behind your recommendation. If possible, include potential strategies for maximizing retirement savings under each option.

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To provide tailored financial advice for Alex and Jamie Thompson, we will analyze the two primary re...

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