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Can an individual open an IRA despite having a retirement plan or pension, whether private, governmental, or Social Security?

Yes, provided the total of the combined contributions between the plans does not exceed:

Tax Year Amount
2010 $9,000
2011 $10,000
2012 $13,000
2013 $15,000

With the new Tax Reform, there is no combined retirement plan and IRA account limit for the 2011 tax year. The client may contribute the maximum included under their retirement plan (before taxes) and also contribute $5,000 (maximum) to the IRA account per individual.

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