Can you open an IRA if you already have a 401(k)?
Yes you can. Some mistakenly believe that if you have a 401(k) through an employer you can’t open an IRA. As long as you meet the eligibility requirements and follow contribution guidelines, you can open an IRA while still having a 401(k).
Dan Caplinger mentions this topic and others in a recent article for Motley Fool discussing four ways IRAs can help people save for the future
. In addition, IRAs have tax advantages for investments (as long as IRS rules are followed).
Another misconception about IRAs is that you can only invest in stocks or bonds. In fact, you can invest in a wide variety of assets including real property, promissory notes, private businesses and much more with your IRA.
If you have a 401(k) – or even if you don’t – and are interested in an IRA, click below to request a consultation with a Senior Account Executive.