What are your retirement savings account options?

Maybe you have already dipped your toe into the alphabet soup of possibilities for retirement savings and felt overwhelmed. Or perhaps you do not know much about your retirement savings account options beyond the 401(k) plan offered by your employer — and have ended up just defaulting to that.

In either case, it is helpful to have an understanding of what your choices are to save up for your eventual retirement. That way, you can better select the retirement plan that will work for you — or even get strategic by mixing and matching.

What are the different retirement account options?

The two primary types of retirement accounts you may encounter are 401(k) plans and individual retirement accounts (IRAs). "The main difference between 401(k)s and IRAs is that 401(k) plans are offered through an employer and have larger contribution limits," and a 401(k) plan may also include an employer match, said Investopedia.

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But even between those two types there are a number of subtypes. For instance, there is the Roth 401(k) or Roth IRA, wherein the accounts are funded with post-tax dollars, as opposed to the pre-tax money put into traditional 401(k)s and IRAs. Meanwhile, if you are "self-employed or do non-traditional work such as freelancing or temporary work," you might explore a Solo 40(k), a SEP IRA or a SIMPLE IRA, said NerdWallet.

Depending on where you work, you might have access to other options, such as a 457(b) or the 403(b). A 457(b) is "for employees of state and local governments as well as some tax-exempt organizations," while a 403(b) may be an option "if you work for a nonprofit or tax-exempt organization," said U.S. News & World Report.

How can you decide what retirement plan is right for you?

"In many cases, you simply won't have a choice of retirement plans," said Bankrate. Rather, you will "have to take what your employer offers," whether that is a 401(k) or a 403(b).

Still, there may be some decisions left in your hands, such as whether to opt for a traditional or a Roth plan. This choice effectively comes down to whether you would rather pay taxes now or later, which largely depends upon whether you expect your tax bracket to be higher now or when you withdraw funds in retirement.

Other factors to take into consideration include eligibility requirements (not all plans are accessible to everyone) and annual contribution limits. You might also take a look at what types of investments are available through various plans.

Can you use more than one type of retirement savings account?

This is definitely possible — though keep in mind you will generally just have access to one employer-sponsored plan at a time.

A common combination for retirement savings is a 401(k) and an IRA. For example, "you could contribute up to the maximum employer matching amount for a 401(k) and then contribute to an IRA," said Investopedia. Or, you might contribute to both a Roth IRA and a traditional IRA to balance out the tax benefits of each.