If you have a 401K at work, can you still make contributions to an IRA?

I am depositing the maximum into my 401K, plus the extra $5,500 for being over 50. Can I also make deposits to an IRA? I'll be retiring in a year or two.

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  • 7 years ago
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    Absolutely! If you meet the eligibility requirements for both, no restrictions exist preventing you from funding both. You may not be able to deduct your traditional IRA contribution or fund your Roth IRA at all, however, if your income exceeds certain limitations.

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  • 7 years ago

    Yes.

    Your can always contribute to an IRA. Whether you can contribute to a Roth or whether a Traditional IRA contribution would be deductible would depend on your income.

    In a worst case scenario, you can always contribute to a non-deductible Traditional IRA.

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