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  1. #1
    Registered User 1800_Cool_Guy's Avatar
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    So I'm allowed to have a IRA and a 401k, right?

    5,500 for IRA and 18k for 401k? Are these limits correct? So assuming i had the income/cash. I would be able to contribute 23,500 in total contributions if I have a 401k and IRA?
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  2. #2
    Mr. Gecko Kiknskreem's Avatar
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    Yes.

    Although I'm not sure if the 18K limit includes company match or not, so look that up.
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  3. #3
    Registered User Cuchulainn's Avatar
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    Originally Posted by 1800_Cool_Guy View Post
    5,500 for IRA and 18k for 401k? Are these limits correct? So assuming i had the income/cash. I would be able to contribute 23,500 in total contributions if I have a 401k and IRA?
    No, your company match does not count and 5500 is the current max for your 401k unless you are older and close to retirement.

    Just going to leave these two articles here:
    http://retireby40.org/what-if-always-maxed-401k/
    http://www.marketwatch.com/story/the...eds-2014-06-25
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  4. #4
    Mr. Gecko Kiknskreem's Avatar
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    Originally Posted by Cuchulainn View Post
    No, your company match does not count and 5500 is the current max for your 401k unless you are older and close to retirement.
    $5500 is the IRA limit, $18,000 is the 401K limit.
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  5. #5
    Registered User Cuchulainn's Avatar
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    Cuchulainn is offline
    Originally Posted by Kiknskreem View Post
    $5500 is the IRA limit, $18,000 is the 401K limit.
    You are correct. I had them flipped. That's what happens when I type before coffee...

    But going back to clarify for the OP, no you're company match doesn't count towards your 401k limit.

    http://www.bankrate.com/finance/reti...01k-limit.aspx
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    Registered User MURedHawk235's Avatar
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    Also depends on your income if you make too much you aren't eligible for a the normal roth, you'd have to do a back door roth
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