Is it possible for my wife and me to contribute to Roth IRAs even if we have separate 401(k) plans with our employers? I contribute close to the maximum 401(k) limit while my wife does not. What are the limitations for contributing to an IRA or Roth IRA?
You can contribute to both accounts. In fact, it's a good idea to max out both your 401(k) and Roth IRA if you can afford it. There are limits to the amount of money you can contribute to your 401(K) and Roth IRA every year, but the limits are separate from each other.
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