Can I Contribute to My 401(k) and a Traditional IRA in the Same Tax Year?

in this video:

A listener recently wrote in with a common and important retirement planning question: If I’m already maxing out my 401(k), can I also contribute to a traditional IRA in the same year? The short answer is yes—but whether it makes sense, and how much benefit you receive, depends on your income, tax situation, and long-term goals.

In this episode, I break down how traditional IRA contributions work alongside employer-sponsored retirement plans, when those contributions are deductible, and what options are available if your income is too high for a deduction. We also explore alternative strategies, including Roth IRA contributions and backdoor Roth conversions, so you can decide how best to use your annual IRA “coupon.”

This episode is especially helpful if you’re trying to balance tax savings today with tax flexibility in retirement and want to avoid common mistakes that can complicate your plan later.