Can I Contribute To An IRA If I Participate In A Retirement Plan At Work?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Pretax contributions to an employers sponsored defined contribution plan like a 401(k) is an excellent retirement funding option, especially if your employer matches any portion of your contribution, which may include the additional contribution for those over age 50. But if you have more discretionary income you could contribute to a Roth IRA. If your spouse doesn't have a retirement plan at work, an IRA or Roth IRA may also be available for contributions. The issue is the phase out rules on contribution deductions.

   Answered on September 7, 2013

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