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Yes, if you can afford it, you should also have an IRA, preferably a Roth IRA account. You will also need savings and investments outside those accounts to fund some coming non-retirement expenses like downpayment on a home and education of your children.

With average investment performance, you will need more than max 401K and max IRA contributions to retire early on investment income. But of course with excellent investment performance, anything is possible.
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