I know there are limits on retirement contributions, both pre-tax and after-tax; but I had a couple questions to make sure I understand how they apply precisely and manage them.
Background: I have two jobs, both full-time salaried, one pays twice a month, one pays once a month, one is private and one is "government"-ish (a state school). They both offer retirement and you can make contributions. Both are mid-six-figure and very close to each other in amount.
Questions: Is the ~$19k limit each year inclusive of both of them? Meaning I have to make sure that my contributions under each do not exceed that? And of course while we are at it, the limit of the after-tax. My gut says, yes but wasn't entirely sure. Does this limit apply to me and my wife separately or are we together bound to this single limit?
Now, which one would be better to contribute under? The private one or the "government" one? Or best to apply the "diversification" principle by contributing under both (being careful not to exceed the limits of course)? I just started the second one and there are a lot of parallels and considerations to make and I want to make sure I am doing it right, I don't want to end up screwed come end of year.
Appreciate whatever context you can share with me on this. Any resources to help maximize the benefits that I can read up on, would be awesome too. Thank you.