Where is the "simple"

[Guest littleboymaker]

My wife and I are both employed by a Washington State County, and are members of the PERS 2 retirement system. I have set up 457 deferred compensation plans for both of us to which we comtribute $4k and $6k anually.

I thought that we could set up Roth IRA's also, but in reading the IRS web site information, I am now confused. We are in our mid 50's, and are playing catch up on building our retirements. Do the 457's preclude us from contributing to Roth IRA's?

[Appleby]

Participation in a 457 plan does not affect your eligibly to contribution to a Roth IRA. As long as you receive eligible compensation and your modified adjusted gross income does not exceed the statutory limits, you can contribution to a Roth IRA.

See Publication 590 at http://www.irs.gov/pub/irs-pdf/p590.pdf for the statutory limits

[Guest littleboymaker]

Participation in a 457 plan does not affect your eligibly to contribution to a Roth IRA. As long as you receive eligible compensation and your modified adjusted gross income does not exceed the statutory limits, you can contribution to a Roth IRA.

See Publication 590 at http://www.irs.gov/pub/irs-pdf/p590.pdf for the statutory limits

[saabraa]

I have set up 457 deferred compensation plans for both of us to which we comtribute $4k and $6k anually.

Regarding the 457 plan, I presume you mean that your employer set up the plan, and you had some active role in the investment part. If YOU set up the actual plan, that's a problem.