401k vs IRA

IRA is more flexible than 401k, 403b, and other employer retirement plans:

Since 401k retirement plan is intended for the whole company, there are 401k plan rules set for everyone.

An IRA is yours - you opened it, you control it.

You can change mutual funds asset allocation as often as you like

Although many 401k now allow you to change your mutual funds and asset allocation many times a year, there are still employer retirement plans that only allow you to change your selections only a few times a year.

If the mutual funds in your retirement account are performing poorly, in an IRA, you can quickly change your asset allocation or funds for better ones. 

You can fill in the gaps of 401k / other employer retirement plans:

For example, if your 401k or other employer retirement plan has too high a percentage of stock asset allocation, then your IRA can be heavy on bonds to balance out your entire allocation.

Your IRA individual retirement account will be managed and explained on individual basis:

Many companies usually have some people come to talk to you about your retirement plan once or a few times a year. Usually most people do not get the attention they require to understand their retirement account, portfolio, or investments.

With an IRA, you will know more about what investments you are investing in. You will get more personalized attention. Everything will be explained to you, not to a group of people or over the phone but to you. You can ask as many questions as you like and take as long to decide or to understand your investments as you like.