User: made 100k this year, how do i max out 401k and ira (or should i use roth ira, what ira options are there? compare them)  
Assistant: Congratulations on your income achievement! When it comes to maximizing your retirement contributions through a 401(k) and an Individual Retirement Account (IRA), it's essential to understand the various options available, their contribution limits, and the tax implications of each.

### 401(k)

1. **Contribution Limit**: For 2023, the contribution limit for a 401(k) is $22,500 for employees under age 50 and $30,000 for those age 50 and older (includes a catch-up contribution of $7,500).
  
2. **Tax Advantages**: Contributions to a traditional 401(k) are made pre-tax, reducing your taxable income for the year. Withdrawals in retirement are taxed as ordinary income.

3. **Employer Match**: If your employer offers a match, try to contribute at least enough to get the full match, as it’s essentially free money.

### IRA Options

1. **Traditional IRA**:
   - **Contribution Limit**: For 2023, the contribution limit for a Traditional IRA is $6,500 (or $7,500 if you're 50 or older).
   - **Tax Advantages**: Contributions may be tax-deductible depending on your income and whether you or your spouse has access to a workplace retirement plan. Withdrawals in retirement are taxed as ordinary income.
  
2. **Roth IRA**:
   - **Contribution Limit**: The same as Traditional IRA — $6,500 (or $7,500 if you're 50 or older).
   - **Tax Advantages**: Contributions to a Roth IRA are made with after-tax dollars, meaning you won’t get a tax deduction up front, but qualified withdrawals in retirement are tax-free. 

3. **Eligibility for Roth IRA**: Your ability to contribute to a Roth IRA phases out at higher income levels. For 2023, the phase-out begins at $138,000 for single filers and $218,000 for married couples filing jointly.

### Comparison of Traditional IRA vs. Roth IRA

| Feature                       | Traditional IRA                  | Roth IRA                        |
|-------------------------------|----------------------------------|---------------------------------|
| **Tax Deduction**             | Yes, based on eligibility        | No                              |
| **Taxation at Withdrawal**    | Yes, taxed as ordinary income    | No, qualified withdrawals are tax-free |
| **Contribution Limits (2023)**| $6,500 ($7,500 if 50+)          | $6,500 ($7,500 if 50+)         |
| **Income Limits**             | None for contributions, but may limit deductible contributions based on your income | Yes, phased out at higher income levels |
| **Withdrawal Rules**          | Penalties for withdrawals before 59½ (with some exceptions) | Contributions can be withdrawn anytime tax-free; earnings must meet qualifying criteria for tax-free withdrawal |
| **Required Minimum Distributions (RMDs)**| Yes, starting at age 73       | No RMDs during the account owner's lifetime |

### Recommendations

1. **Maximize 401(k)**: Start by contributing enough to your 401(k) to get the full employer match.

2. **Consider Roth vs. Traditional**: If you anticipate being in a higher tax bracket during retirement, a Roth IRA may be more beneficial as it allows you to pay taxes now rather than later. If you believe your tax rate will be lower in retirement, a Traditional IRA can be advantageous for tax deferral.

3. **Use Both Accounts**: If you can afford it, try to maximize contributions in both your 401(k) and IRA. This would involve contributing up to the limits in your 401(k) and then contributing to an IRA.

4. **Adjust Based on Income**: If your income disqualifies you from contributing to a Roth IRA, you might want to consider a backdoor Roth IRA strategy.

5. **Apply Tax Bracket Considerations**: Pay attention to how contributions might impact your overall tax bracket, especially if you're close to thresholds for tax credits or deductions.

Consulting with a financial advisor can provide personalized guidance tailored to your situation, especially considering your specific income and retirement goals.
User: Explain what an employer match is. Also, are there any other IRA types?
Assistant: