When it comes to saving up for retirement, most personal finance experts and bloggers agree that there are significant benefits to a 401(k). However, IRAs can also be great tools for retirement saving.

We asked David Ning, founder of Money Ning, for his thoughts on the benefits of IRAs.

David Ning

“It’s my personal opinion that everyone should have an IRA and a 401(k),” Ning tells us. While both IRAs and 401(k)s can help you save for retirement, Ning cites the flexibility that comes with IRAs that gives them an edge over an employer-offered benefit.

“When you look at the numbers, having assets in an IRA seems to be more flexible, and a better option than a 401(k) – unless you work at a mega-corporation,” he says.

Ning points out that many Americans employed by small- or medium-sized businesses generally have 401(k) plans that offer expensive investment options compared to what you’d find at, say, a Fortune 500 Company.

This is where the flexibility of an IRA comes in: You’re able to invest in a wide range of stocks, bonds and certain mutual funds, Ning notes.

But that’s not the only bonus. “With an IRA, if you’re not with a company you like, you can always switch,” Ning says. “You just have to make sure you only switch once a year, maximum.”

That’s a luxury you don’t have with an employer-sponsored 401(k).

If you’re looking to add an IRA to your retirement planning, consider opening one with Ally Bank. Our customers have great things to say about them.

One customer review reads: “Opening the account was a breeze compared to the process at other institutions I’ve dealt with, and the IRA savings account rates can’t be beat. By far the best of it’s kind that I have come across!”

Do you have an IRA? What other methods are you using to save for retirement?