Renwanz Insurance & Financial Solutions, Carlsbad, CA
Yes, you can have a Roth IRA and a 401k. Your employer needs to offer a 401k plan. Having both a Roth IRA and 401k can be a great strategy for increasing your retirement income. If your employer is providing a match for your 401k, that's even better.
A Roth IRA (Individual Retirement Arrangement) is a retirement plan that is generally not taxed provided certain conditions are met. If you satisfy the requirements, qualified distributions are tax free. Here are the basic rules of a Roth IRA:
No age restrictions for contribution or distribution
Maximum income allowed for 2014 to participate is $129,000 single and the head of
household, $191,000 joint filers
Earned income must be or greater than your Roth IRA contributions
Tax free growth – you pay no taxes when you make qualified withdrawals after age 59 ½
and your account has been open at least five years
Maximum contribution $5500 ($6500 if you are 50 or older)
You should consult with a qualified financial professional when considering financial products and strategies for retirement income.
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A Roth IRA (Individual Retirement Arrangement) is a retirement plan that is generally not taxed provided certain conditions are met. If you satisfy the requirements, qualified distributions are tax free. Here are the basic rules of a Roth IRA:
No age restrictions for contribution or distribution
Maximum income allowed for 2014 to participate is $129,000 single and the head of
household, $191,000 joint filers
Earned income must be or greater than your Roth IRA contributions
Tax free growth – you pay no taxes when you make qualified withdrawals after age 59 ½
and your account has been open at least five years
Maximum contribution $5500 ($6500 if you are 50 or older)
You should consult with a qualified financial professional when considering financial products and strategies for retirement income.