Are there any downsides to a Roth IRA compared to a traditional IRA? And can I have both?

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Answered by Phillip Christenson, CFA in Plymouth, MN
You can have both but you can only contribute a maximum of $5,500 (2015) in total to all of your IRAs. This means you could do $2,000 to a Traditional and $3,500 to your Roth IRA, or any combination thereof. The real question is which one should you be contributing to? And that depends on your financial situation but in general, I like Roth IRA's because the money comes out tax free during retirement. But again I can't make a blanket statement because it depends on your personal financial situation. For the record I have both a Roth IRA and a Traditional IRA. | 08.13.15 @ 02:13
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Phillip Christenson
Phillip Christenson, CFA in Plymouth, MN

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