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Yes. Your participation in a Roth 403(b) plan has no impact on your ability to contribute to a Roth IRA. You can contribute to both if you wish (assuming you meet the Roth IRA income limits).

The limit is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2019), plus an additional $7,500 in 2023 ($6,500 in 2020, 2021 and 2022 and $6,000 in 2015 – 2019) if you are age 50 or older at the end of the year. These limits may be increased in later years to reflect cost-of-living adjustments.

Unlike a traditional pretax 403(b), the Roth 403(b) allows you to contribute after-tax dollars and then withdraw tax-free dollars from your account when you retire.

While Roth IRAs allow your contributions to grow tax-free, you can contribute a much larger amount to your 403(b) plan. In addition to higher limits, 403(b) plans also offer the option for employer matches, which is essentially free money toward your retirement. Using both tools is a wise strategy for your retirement.

Are Roth IRAs and Roth 403(b)s the same? No, there are some differences: The Roth 403(b) does not have an income restriction, but a Roth IRA does restrict participation based on income level. With the Roth 403(b) you will be able to contribute up to the 403(b) IRS limit.

Yes. Your participation in a Roth 403(b) plan has no impact on your ability to contribute to a Roth IRA. You can contribute to both if you wish (assuming you meet the Roth IRA income limits).

The main difference between a 403(b) and 401(k) is the type of employer who offers them. 401(k) plans are offered by private, for-profit companies. 403(b) plans, on the other hand, are offered by tax-exempt and nonprofit organizations.

But the 403(b) contribution limit is separate from the limit for a traditional IRA or Roth IRA. That means you're allowed to contribute the maximum to a 403(b), and contribute the maximum to a traditional or Roth IRA in the same year. (Note that income limits restrict who can contribute to a Roth IRA.)