Can I have an IRA and also a 401K plan at the sametime?

I am planning on getting a Traditional IRA plan so I can put away $4000 tax free for this year. However, my company may possibly introduce a 401K plan soon.

If I invest $4000 in an IRA account this year, and if my company introduces a 401K plan a little later this year, am I allowed to contribute to both IRA & 401K plans in the same year?

FYI, my filing status is married filing jointly and my wife has a 401K plan at her work place.

Would appreciate any guidance here. Thanks.

Which investing programs should be avoided? What do people think about Sharebuilder?

What happens to my 401k plan if I decide to leave USA and go back to Indonesia. I have my 401k plan for about 5 yrs. What are the consequences and how should I save from getting penalised ? I am resident in USA and 35 yrs of age.

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