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My son and daughter are both maxed out on their 401k's at 15%. Both are single and earn $45K - $50k a year. My question is can they also start and contribute to a Roth IRA? If so, how much a year. I figure they contribute between $7000 - $7500 a year to their 401k. One has 3% matching employer contributions. The other does not (contractual Teamster). The UPS teamster plan allows them to also contribute non-deductable monies. Is this like a Roth IRA? Thanks for any info.
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