oh snap guess who’s back with a brand new bag that makes no sense I was like 90s rap kind of show my age on this one but both boom what’s going on everybody jeff rose from goodfinancialcents.com with another edition of dollars and cents this where I’m answering a reader question this is a question that you’ve emailed me and now I’m answering it on my iPad thank you so much today’s question comes from Cole Cole asked a two-parter Cole says hey Jeff is it possible to have a Roth 401 K and a Roth IRA at the same time would you recommend this for young investors in their 20s who would like to be prepared for retirement someday what advice would you give us to start thanks for taking time to put together your website it continued to teach me new lessons each time I read it Oh Cole come on in buddy give me a big ol hug man hug man Pat the first thing I want to point out my close question did you catch that he’s in his 20s and he’s concerned about retirement high five to you buddy seriously I don’t know how many people I run into that in their 20s 30s that are actually wanting to save for retirement I talk to people in their 40s and 50s that are just now thinking about it so the fact that you’re in your 20s you are light years ahead of most people okay the first question can you have a Roth IRA and a Roth 401k at the same time yes you can the only thing that’s going to limit you is your income if you make too much money you won’t be able to contribute to a Roth IRA now that doesn’t impact your Roth 401k you could be making a million dollars a year and still participate in your Roth 401k so as long as your employer provides one so the second part do you think you should have both does it make sense to have a Roth 401 K and a Roth IRA if you’re like me and the big believer that taxes are only gonna go up over the years then I would definitely do both when I first start saving for my retirement when I was in my 20s as well so see we’re both on the same page I was doing a Roth IRA and a traditional 401k now at the time the Roth 401k was not available had it been available I definitely would have took part so yes I definitely think both makes sense but if you want to we’ll check talk to your CPA talk to your tax professional and to see doesn’t make the most sense to max out both the Roth IRA and Roth 401k or should you have some pre-tax income – okay for the second part what should you do to start saving for retirement to be prepared the thing you need to do is just save save save save I’m sure when you look around a lot of your friends while you’re co-worker they’re also in their 20s they’re probably not saving anything and most people don’t realize that it doesn’t take a lot to get going just by putting away twenty five fifty hard bucks a month that’s huge four years down the road but just try to save as much as you can a lot of people I save just starting with ten percent but the reality is you want to work till twenty percent if you’re saving 20 percent of your income then you’re definitely on the right path to financial freedom so once again call kudos you man for being a hardcore in your savings to start thinking about things that most people don’t even think about until they’re their 30s 40s and sometimes 50s if you have any more questions like this I want to answer them let me know you can contact me via the blog at goodfinancialcents.com or you can hit me up on Facebook Twitter almost every social media channel I’m hanging out there so come hit me up let me answer your question on another video just like this until next time take care you