Should you have both a 401(k) & IRA?

Having more than one retirement plan can change the tax rules and benefits you receive. We will tell you how to get the most out of multiple retirement accounts in the same year.

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Let's start by reviewing the retirement account contribution rules and pitfalls to avoid.

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Can You Contribute to a 401K and an IRA in the Same Year? The short answer to the question is yes; you can contribute to a workplace retirement plan and an IRA in the same year.

However, the tax rules and benefits change in certain circumstances. Swipe up to read more and maximize your contributions!

How Much Can You Contribute to Retirement Accounts? Workplace Retirement Plans: For 2022, you may contribute up to $20,500 or $27,000 if you’re over age 50.

How Much Can You Contribute to Retirement Accounts? IRA: For 2022, the limits are much lower than workplace plans at up to $6,000 or $7,000 if you’re over 50.

SWIPE UP TO READ THE FULL ARTICLE.

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