MoneyWise Live | April 4, 2019

IRAs Are for Everybody

Show Notes

Here’s a simple trivia question for you - can you have both a 401k and an Individual Retirement Account at the same time? Not sure? You’d be surprised how many of us don’t know the answer to that one.  The truth is you can have an IRA and a 401k. Financial planner and teacher Rob West has some other things you may not know about Individual Retirement Accounts and why you should have one:

  • Why exactly would someone want to have both types of accounts?
  • Once you maximize your employer matching funds, is there a benefit to opening an additional fund to contribute to?
  • What are some other reasons to open an IRA?
  • What size contributions can you make?
  • Why not just roll an old 401k into a new 401k if you change employers? 

Next, Rob and Steve answer these questions at 800-525-7000 or via email at

  • If you're 61 years old, have 6 years left on your mortgage and a car loan and have a $100,000/25 year term policy, should you be using a term or whole life policy?
  • Can you contribute to both a Roth and a traditional IRA within a 401(k)?
  • If you're a 36 years old single dad with 2 children making $130,000 annually, have $50,000 of unsecured debt at 15% and currently contribute 15% into your 401(k), how far behind the 8-ball are you and should you consider backing off the 401(k) contributions to pay the debt more aggressively?
  • Who should you look to if you're about to quit your job and move your 401(k)?
  • If you and a group of your friends want to start a business group to flip houses, are there any things to look out for?
  • If you currently have all your investments in traditional IRAs but your friend have all his in Roth so he can avoid taxes later, should you move your funds into Roths?
  • If you're making a lot more money than years before but still seem to live paycheck to paycheck, what is the problem?
  • If you make too much money to contribute to an IRA, can you make use of a backdoor IRA?

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