My wife doesn't work and I earn about $55K before taxes. I am not eligable for employer sponsored retirement contributions until next year as I just started working at my current employer. I have contributed $2K to an IRA for me and for my wife for this tax year. I have other money to invest for retirement and graduate school but didn't know if there were any other possibilities of doing so in a tax sheltered way or if the $4K traditional IRA were it. Is a Roth an option? I understood that those were not a possibility if you have a traditional IRA.