I am enrolled in CalPERS through my employer, can I also open my own Roth IRA?
I work for a school district that automatically makes my contribution (7%) as well as their contribution (~7%) to my CalPERS retirement account. Since no money is being taken out of my paycheck for this, I wanted to know if there is anything legally preventing me from opening my own Roth IRA account as an additional way of saving for my retirement.
Public Comments
- You can open your own, your works pension plan has nothing to with it.
- Roth IRA limits are totally separate from employee retirement plans. For 2008 you can contribute up to $5000 (plus $1000 if age 50 or over). Publication 590 at irs.gov has all the details.
