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Yes, you can invest in both an IRA and a 401k (or a Roth 401k and a Roth IRA) at the same time, or any combination of those accounts.
1 Higher contribution limits are permitted with a Roth Individual 401k than a Roth IRA. 2  For 2015 participants can contribute up to $18,000 to a Roth 401k ($24,000 if age 50 or older), but they can only contribute $5,500 ($6,500 if age 50 or older) into a Roth IRA.