Self-Directed Individual IRAs

Yes. You can own and contribute to both in the same year, as long as you have earned income. The annual contribution limit is shared across the two, not doubled. For 2026 that means $7,500 total across both accounts if you are under 50, or $8,600 if you are 50 or older.

Roth contributions are also gated by income (see the MAGI table on the Roth page). Traditional contributions are always allowed if you have earned income, though how much is deductible depends on your income and workplace plan coverage.

Yes. A Roth conversion moves money out of a Traditional IRA and into a Roth IRA. The amount converted is taxed as ordinary income in the year of the conversion, but once it is inside the Roth, future qualified withdrawals come out tax-free. There is no income cap on conversions, which is why higher earners sometimes use a Traditional IRA as a stepping stone to a Roth (the so-called backdoor Roth).

Whether conversion makes sense depends on your current tax bracket, your expected bracket in retirement, and whether you have funds outside the IRA to pay the conversion tax. A specialist can walk through the math with you.

Yes, through a spousal IRA. If you file jointly and one spouse has earned income, the working spouse can contribute on behalf of the non-working spouse, up to the standard annual limit for each account. Each spouse opens their own IRA in their own name. The accounts can be Traditional, Roth, or one of each.

Yes. Participating in a workplace 401(k) does not stop you from contributing to a personal IRA. What it can affect is how much of your Traditional IRA contribution is tax-deductible. When you (or your spouse) are covered by a workplace retirement plan, deductibility phases out at higher incomes. Roth contributions are gated by income but not by workplace plan coverage.

The 401(k) and IRA contribution limits are separate from each other, so you are not choosing between them on a dollar basis. You are choosing on tax treatment and access.

An IRA you opened on your own is not tied to an employer, so a job change does not affect it. You keep the account, the balance, the investments, and the same contribution rules.

What you may want to do is roll an old 401(k) into the IRA when you leave the employer. That consolidates your retirement savings in one account you control, and on a self-directed IRA it opens the rolled-over money up to alternative investments. The rollover itself is tax-free if done correctly.