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You are here: Home   Categories   Finance & Investing  Simple IRA & Roth IRA
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Question

Submitted 546 days ago...

linlar

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 1 / 2 - Submitted 541 days ago...

Costa618

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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Answer 2 / 2 - Submitted 540 days ago...

linlar

linlar

New User (2)

"..a combined total" dos NOT answer my question and I already know the differences between a before and after tax IRAs. Does "combined total;" mean: 1) The total can be each IRA at its maximum contribution for a total of $19,000.00 or 2) I can max out one (i.e. Simple IRA at 13,000.00?

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