As long as you meet the eligibility requirements, such as earning income from work, you can contribute to both a Roth account and a traditional IRA. There are ways to avoid Roth IRA contribution limits for those who want to open an IRA. If you make a contribution to a non-deductible IRA, you can convert it to a Roth IRA. The same applies to non-deductible contributions made to a 401 (k) plan, and you can even convert 401k to Gold IRA if desired. Retirement topics: IRA contribution limits.
No matter what stage of life you're in, it's never too early to start planning for your retirement, as even the small decisions you make today can have a big impact on your future. While you may have already invested in an employer-sponsored plan, an Individual Retirement Account (IRA) allows you to save for your retirement in parallel and also potentially save on taxes. There are also different types of IRA, with different rules and benefits. With a Roth IRA, you contribute money after taxes, your money grows tax-free, and you can generally make tax-free and penalty-free withdrawals after age 59 and a half.
With a traditional IRA, you contribute money before or after taxes, your money grows with deferred taxes, and withdrawals are taxed as current income after age 59 and a half. If you make too much money, you may still be able to contribute to a Roth IRA through a strategy called a clandestine Roth IRA. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age.