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I think there are only 2 types of IRAs. Traditional (not taxed going in, taxed when you take it out at retirement age) and Roth (taxed as it goes in, not when when it comes out at retirement age).

You can have as many as you want of either kind, You can only contribute up to the current amount across all of them. The limit is 3,000.00 for 2004.

Your wife can have an IRA and a 401K. The rule of thumb is to max an IRA, then the 401K.


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