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Greetings, Hollygayman, and welcome. You wrote:

<<I have accepted a new job opportunity with a small company that does not currently have a 401K. I have been saving the maximum in my prior company's 401k for years.

I also have an established IRA which I can contribute to. It is my understanding that I can only contribute $2000 to this IRA per year. If this is so, should I open another IRA for my husband who is self-employed and put $2000 in that as well?>>

That's certainly possible and if he has no retirement plan of his own through his self-employment, then that contribution would be fully deductible. You might consider, though, that depending on his income he might be able to contribute more than that $2K each year. For details, see the discussion on SEPs, SIMPLEs and Keogh plans in my Foolish Retirement Plan Primer at


As long as you have earned income and are under the age of 70 1/2 you may always contribute up to $2K per year to a traditional IRA regardless of participation in an employer-provided retirement plan. Your contribution may or may not be deductible depending on your AGI. For details, see the IRA discussion in the previous link or our IRA area at

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