<prompt> Human: Hey guys, throwaway to hide my stupidity. I want to save for retirement and a big fan or superior saving methods. So I read somewhere or came up with an idea that I can invest 18k in 401k and then 5k I think more in Roth ira. Beginning of year I set up my contributions to do that. Someone told me I can invest only 18k overall either way. Our joint family income is probably more than 186k. Sadly I did the change for wife too. Now the question is, are we screwed? I say that Co I am guessing if total investment for both of us is 18k each, including 401k and Roth, we would loose tax savings on the part of 18k paid in Roth. Is it so? Anyway to change it if I made a mistake?Thanks  <response>: The 18k limit for 401ks and the 5.5k limit for IRAs are completely separate; it is very much allowed to contribute the full amount to both. However, since your income is so high, you might not be eligible for direct Roth IRA contributions. You may want to look into the backdoor Roth IRA technique, which bypasses the limit on Roth IRA contributions for high earners. 