Gotta go with JAFO on this one.

If a 401k is available through your company, you can put into it. Your contributions may be limited as highly compensated employees -- so you might get a (taxed) check at the end of the year to reimburse you for the "extra" money you put into the 401k. (Personally, I'd question the abilities of financial planner who said you make too much money to contribute to a 401k.)

We're coming into similar problems with the income limits for Roths and have already maxed out the 401ks. We chose to open traditional brokerage accounts, through which we invest in Mutual Funds and Stocks. We won't save money in taxes, but we should do alright in the long haul.

20-year term insurance for young, healthy people is dirt cheap BTW.

Best of Luck,

Teresa