Can You Have Roth IRA And 401K? 
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 's even better . A Roth IRA -LRB- Individual Retirement Arrangement -RRB- 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 and your account has been open at least five years Maximum contribution $ 5500 -LRB- $ 6500 if you are 50 or older -RRB- You should consult with a qualified financial professional when considering financial products and strategies for retirement income . 