How Many Roth Accounts Can I Have?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 5 July 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Laura answers a listener's question about using multiple Roth accounts and the annual contribution limits that apply.

Transcript

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0:00.0	Welcome back to Finance Friday, another special edition of Money Girl, where I answer your
0:10.3	burning money questions.
0:12.1	Today's topic comes from Sarah M who says,
0:16.0	I've been listening to your podcast for a few years
0:19.0	and enjoy the increased weekly frequency.
0:22.0	My employer started a 401k with traditional and Roth options this year.
0:28.0	Since I'm over 50, can I contribute $30,500 to my Roth at work and $8,000 to my Roth IRA for a total of $38,500 for 2024. Would my contribution limit change if my employer also contributes to my
0:47.7	401k above the $30,500 that I put in.
0:53.5	Those are excellent questions, Sarah.
0:55.4	Thank you so much, and I really appreciate you
0:57.5	being a long-time listener.
0:59.4	I love that you want to put as much as possible in Roth accounts. It's a great idea. I'm going to explain
1:06.1	what a Roth is, how many Roth accounts you can have, and the maximum amounts you and your employer can contribute to them annually.
1:15.4	Welcome back everyone.
1:16.7	Thanks for joining me.
1:17.6	If you're new here, I'm Laura Adams, an award-winning author, finance,
1:22.0	spokesperson, money speaker, founder of the Moneystack
1:25.8	newsletter, and host of the Money Girl podcast with 43 million downloads.
1:30.6	If you're interested in being your own boss or maybe you want to take your small business to the next level,
1:36.0	I want to invite you to check out my latest book,
1:39.0	Money Smart Solopreneur, a personal finance system for freelancers, entrepreneurs, and side hustlers.
1:46.2	It's available as a paperback, e-book or audiobook, wherever books are sold.
	...

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