Can I contribute to a traditional 401(k) and a Roth IRA?

I am currently contributing to a company sponsored 401(k). I contribute 8% (annual salary $60K), which comes out to $4,800 for the year. Can I also set up and contribute to a Roth IRA? If so, what amount can I contribute?

401(k), IRAs
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December 2016
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ABSOLUTELY! Good for you for looking for ways to maximize your options.

You can contribute up to $18K in a 401(k) ($24K if 50+ years old). Ideally, you would contribute as much as the company match, if applicable (free money).

You can contribute up to $5,500 in a ROTH/IRA ($6,500 if > 50+).

The contribution limits for 401(k) and ROTH/IRA are not connected. The limits within ROTH/IRA are though.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

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