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Question

Submitted 547 days ago...

linlar

New User (2)

Simple IRA & Roth IRA

My wife has a new Simple IRA plan at work. We also have maximized a Roth IRA.
We are each over 60 years old. What are her contribution limits with the rwo IRAs? Does contributing to one limit the contributions to the other?

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Answer

Submitted 542 days ago...

Costa618

Contributor (87)

Yes - They are a combined total. Simple IRA means you will pay taxes when you withdraw the money.
Roth IRA means you pay taxes up front and nothing when you withdraw the money.

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