WealthRabbit Support

Can I contribute to a Roth IRA and a workplace retirement plan at the same time?

Yes. You can contribute to a Roth IRA even if you also participate in a workplace retirement plan such as a 401(k), 403(b), or SIMPLE IRA, as long as you meet Roth IRA income eligibility limits. Contributions to your employer plan do not reduce the amount you are allowed to contribute to a Roth IRA. The two sets of limits are separate: one for employer plans and one for IRAs.

This means you can use a Roth IRA to supplement your workplace savings and create a more diversified retirement income strategy. For example, you might contribute pre-tax dollars to a 401(k) at work and after-tax dollars to a Roth IRA on your own. In retirement, you would then have access to both taxable and potentially tax-free sources of income.

Because Roth IRAs have income eligibility rules and annual contribution limits, it is helpful to track your contributions throughout the year and confirm that you remain within IRS guidelines. WealthRabbit can help you monitor your Roth IRA contributions, while your employer plan provider will track workplace contributions.