Can a person open an IRA even if he/she has a retirement plan or pension, whether private Government or Social Security?

Yes, any person can open an IRA as long as the combined total contributions among the plans do not exceed:

Taxable year Total
2010 $9,000
2011 $10,000
2012 $13,000
2013 $15,000

The Tax Reform for the taxable year 2011 does not have a combined limit of retirement plans and IRAs. The client can contribute the maximum included in your retirement plan (before taxes) and also contribute $ 5,000 (maximum) per individual IRA account.

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