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	<title>New answer on: Can You Have Roth IRA And 401K?</title>

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		<title>By: Karl Renwanz</title>

		<link>https://insurancelibrary.com/retirement-plans/can-you-have-roth-ira-and-401k</link>

		<dc:creator>Karl Renwanz</dc:creator>

		<pubDate>Sat, 25 Oct 2014 23:45:08 +0000</pubDate>

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		<description><![CDATA[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&#039;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.]]></description>

		

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