contributing to both a 401(k) and an ira

a financial question i had always wondered about was whether you could contribute to both an employer-sponsored 401(k) plan and an ira. the answer is yes, but the amount contributed to the ira is not deductible. (note that the limits on that page are out-of-date.)

but all is not lost: as long as you earn less than $95,000 ($150,000 if married filing jointly), you can contribute to a roth ira, in which the money is taxed now and tax-free at the time of withdrawal.

i was woefully slack in contributing to a retirement account between my time at knowledge adventure and when another 401(k) plan became available to me through my current employer. i'll be making up for that lost time for the next few years.