Both traditional and Roth IRAs: For 2021, your total contribution limit to both traditional and Roth IRAs is up to $6,000 if you are under 50, and up to $7,000 if you are 50 or older.

Traditional IRAs. Funds put into traditional IRAs are typically "not taxed until you take a distribution," according to the IRS. "Just like a Roth IRA, the dollars grow tax-deferred.

A traditional 401(k) plan provides tax deductions on contributions, but retirement withdrawals are fully taxable. A Roth 401(k) is the opposite: You won't get a deduction for your contributions ...