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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.
As a result, you can fully contribute to both types of plans in the same year as long as you meet the different eligibility requirements. For example, in 2013, if you're 50 or older you can contribute up to $23,000 to your 401(k) plan and up to $6,500 to your IRA.