Can You Contribute to Both a ROTH IRA and a ROTH 401k?

According to www.serenityfc.com, you can contribute to both a ROTH IRA and a ROTH 401k?  For 2013, the contribution limits for a ROTH IRA are $5,500 (for under age 50) and $17,500 for a ROTH 401k.

Which should you contribute to first if you have the option to do both?  Why would you contribute to one over the other?

In general, personal IRA accounts tend to have more control and lower fees.  For example, your account at work will often times have to be distributed immediately if something were to happen to you, while your personal IRA account can be stretched across generations.

So, if your work matches your ROTH 401k contribution, which shoud you contribute to first?  What do you do if you exceed the income limitations for a ROTH IRA?  You can read older posts and keep coming back to learn more.  Education is the key.

Did you know the number one cause of divorce is finances according to www.divorce.com.

This post was reposted from http://finlit.biz/retirement-2/can-you-contribute-to-both-a-roth-ira-and-a-roth-401k/, originally written on February 1st, 2013.