Can I contribute to a 401k and a Roth IRA?
Can I contribute to a 401k and a Roth IRA?Author: Rocco BeatriceContributing to a 401(k) and a Roth IRAIt is never too late to start saving for retirement. No matter what age you are, you have options available that will help you prepare for the years ahead. Many people choose to open an IRA retirement account, either a traditional or a Roth IRA. In recent years, more people are choosing a Roth account because it provides a source of tax-free income upon retirement. If you already have an open Roth IRA account, you are on your way to saving for retirement. Even though you may already have a retirement plan in place, you do not have to stop there. Often times, an employer will offer a company sponsored retirement plan, usually a 401(k). This leaves people asking if they can contribute to both a 401(k) and a Roth IRA. In short, the answer is yes. Actually, it is advised to do so if you have that option because the contribution limits tend to be relatively small for most savers.
In fact, if you are interested in saving even more for retirement, you should consider a Roth IRA on Roids account, in addition to contributing to your 401(k) and Roth IRA, as it offers limitless, tax-free retirement contributions.Contribute to Both 401(k) and Roth IRA: Know Your LimitsThe annual maximum contribution limits are different for each type of plan.
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