Can I Contribute To An Outside IRA, If I Participate In A 401K Plan At Work?

Generally speaking, the answer is yes. An IRA is an Individual Retirement Plan, designed specifically for the individual vs. a company plan where all employees are participants. The IRS does have rules, which must be adhered to. There are income limitations, which may not allow high-income earners to participate in an IRA. If the person’s AGI (adjusted gross income) nears the limits, the individual may not be able to contribute the full amount and if it exceeds the IRS limits, no contribution would be allowed. For further information visit sdretirementplans.com