I know the basic difference between a 401k and a Roth IRA that one is pre-tax and another is post-tax. I've also learned that I can contribute towards both a 401k and Roth IRA. I would like to know if the maximum contribution limit of $18,500 applies to the combined retirement contribution or just the 401k?
Secondly, I would like to ask if I'm (as someone working in private sector and under 50) allowed to catch up on the retirement contributions just like people in their 50's can. I've been employed since 2013 but I only started contributing to the 401k very recently. So I wonder if I'm allowed to catch up for the 4-5 years that I missed since I started paying my taxes or so to say started working out of college.
Thanks for any advice!