When you picture your dream life for retirement you probably envision yourself doing the things you love and don't currently have time for. This may include pursuing the arts, playing golf all day, or traveling the world. If you want to achieve these things you need to make them happen by planning now to live well later. Retirement investment options need to be a big part of this to make your dreams a reality.

Starting a retirement savings vehicle account, like a 401k or an IRA, is a great way to get yourself investing in a way that will help you succeed. These accounts work by taking the money you save and investing it in a variety of ways, such as stocks, mutual funds, even CDs--all with varying levels of risk and returns--that you choose and then earn you returns over the years. When you reach retirement age (59 years and 6 months old) you can start making withdrawals and living on this money you've saved and earned over the years.

The younger you are when you put money into the account the more time it will have to be invested and grow, which is a big reason saving early is so important to success.

The two retirement investment options mentioned above, 401k and IRA, are very similar choices but also fairly different in some key ways. A 401k is set up through a benefit program offered by your employer. These accounts have some unique benefits, like a contribution match from your employer (this varies from employer to employer) and high maximum contribution limits which change on a yearly basis. An IRA, or independent retirement account, is set up independently. You are responsible for finding a company to start your account with, and the biggest advantage to this option is how much control you'll have over the account. You have a lot more options for investments, basic account choices, and more.

There is no straight answer as to which of these retirement investment options will work best for planning now to live well later, you'll need to look at your goals and the choices and decide which one of these, or a mixture of both, works best for you.