Can I have both a Traditional and Roth IRA?
Yes, you can have both a Traditional and Roth IRA. The maximum contribution for the year is cumulative. For 2025, the contribution limit is $7,000 per year or a cumulative total of $7,000 between a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution.
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