A lack of understanding about the benefits of having both an individual retirement account and a 401(k) or 403(b) may help explain why some Americans are not contributing or considering an IRA as part of their retirement strategy.

While some Americans are more likely to prioritize saving for a trip or a new refrigerator over setting money aside in an IRA, others say their employer-sponsored retirement plan is the first item of priority when deciding how to allocate their savings. 

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