Contributing to an IRA

Hello Casey, a couple of quick questions for you.  If I contribute to our work 401k can I still contribute to an IRA?  I have 2 other IRAs, one with Schwab and Vanguard.  Ok now for my 2nd question, does the 5000$ limit for IRAs apply as a group limit or can you contribute 5000$ say to two IRAs for a total of 10000$ in two different IRAs? Thanks and have a good day, I enjoyed the seminar!

You are not eligible to to contribute to a 401k and a traditional IRAk however you could contribute to a Roth IRA. The 5K limit is for your total IRA contribution, not per IRA.

Recent Tweets

wwm twitter

A Guide to Social Security Dependent Benefits
- Saturday Mar 17 - 4:00pm

wwm twitter

Tax Reform’s Implications for Retirement Plans
- Thursday Mar 15 - 4:00pm

wwm twitter

When to Claim Social Security: 5 Tips
- Tuesday Mar 13 - 4:00pm