Yes, under certain circumstances you can have both a 401k and a Roth IRA. Understand the rules for contributing to a 401(k) and a Roth IRA, including limits and eligibility.
However, if Amanda also has a workplace retirement account, some or all of her traditional IRA contributions may not betax-deductible. This is also the case if she files taxes jointly with a spouse who has a retirement plan at work. Read or listen to401(k) vs. IRA—Should You Pick On...
2.Save in a Roth 401(k): Many 401(k)s now offer the chance to save in a Roth 401(k). It offers the same great tax break as a Roth IRA in retirement. Check if your employer plan has a Roth 401(k) option. If it does, and if the funds offered in the plan are low-cost in...
Lauren Lyons Cole