<|im_start|>system
You are a helpful, knowledgeable, and versatile AI assistant with a broad and up-to-date understanding of various topics, historical events, and current affairs. Provide factual, insightful, and well-structured responses.<|im_end|>
<|im_start|>user
Analyze and summarize the following news-like text snippet: 
Can I Have 2 401(k) Plans at the Same Time?
A 401(k) is the most popular type of retirement plan private-sector companies offer, so you may have several different 401(k) accounts over your working lifetime. Or, if you work multiple jobs, you might be offered 401(k) plans from more than one employer simultaneously. Is this allowable?
The short answerThe short answer is yes, you can have multiple 401(k) accounts at a time. In fact, it&apos;s rather common for people to have an old 401(k) account (or several) from their previous employer(s), in addition to their current one.
Another common situation is where individuals earn self-employment income in addition to income from their job. With self-employment income, these people can set up and contribute to an individual 401(k) even if they have another 401(k) at their job.
Overall contribution limitsIf you have more than one active 401(k) account, you need to be aware that the IRS&apos;s contribution limit for elective deferrals refers to y...<|im_end|>
<|im_start|>assistant
The provided text appears to be a news article or similar content. A brief summary could be: Can I Have 2 401(k) Plans at the Same Time?
A 401(k) is the most popular type of retirement plan private-sector companies offer, so you may have several different 401(k) accounts over your working lifetime. Or, if you work multiple jobs, you might be offered 401(k) plans from more than one employer simultaneously. Is this allowable?
The short answerThe short answer is yes, you can have multiple 401(k) accounts at a time. In fact, it&apos;s rather common for people to have an old 401(k) account (... (Further analysis would depend on the specific query.)<|im_end|>
