- Can I have both a 401K and a Roth IRA?
- If I qualify for both, which one should I fund first?
- And what are the income qualifications?
- Whether you are just starting a new job, or learning about the benefits provided by your current employer, maximizing employee benefits is one of the most important things you can do when planning for your future.
- This is free money available to you, with a matching return on your investments that can be as high as 50 – 100%, depending on the plan.
- Educate yourself about what plans are offered, and get yourself signed up for the tax deferred, matching contributions available to you.
- A Roth IRA is an investment that allows you to take advantage of “first in, first out,” meaning any withdrawals made on the principal will be tax free. This can be a great help during times of unexpected expenses.
- Put in the maximum amount allowed for your age and income level.
- If you are single and filing as head of household, your adjusted gross income must be under $110,000 in order to qualify. If married and filing jointly, your combined adjusted income must be under $173,000.
- If you are under age 50, you can put in as much as $5,000 a year. If age 50 or over, your maximum contribution goes up to $6,000.
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