IRAs offer fewer restrictions on investments, but there are still a couple to be aware of. For example, you can't invest in life insurance, antiques, most coins, or real estate that you personally profit from. There are other things, like options trading, that are possible only through some IRA brokers, but they are more difficult to find.
While most people should be satisfied with what their retirement accounts offer, you may prefer a taxable brokerage account if you want to invest in some of these more unique options. There are no limitations on what you can invest in with a taxable brokerage account, though again, you won't enjoy the same tax benefits you'd get with a retirement account. That's something to weigh when deciding which investments and accounts are best for your savings.
Workers are only allowed to contribute up to $19,500 to a 401(k) and $6,000 to an IRA in 2021. Adults 50 and older are allowed to make an extra $6,500 and $1,000, respectively, in catch-up contributions. If you have access to both accounts, these limits may not pose a problem, but if you're only saving in an IRA, the low annual limit could become an issue.