The 2007 limit is $4,000 and above age 50 a $1,000 catch-up.  Remember, your Roth IRA won't be tax deductible but your traditional  IRA may be deductible depending on your income and particpation in an employer plan.  Use all the resources on our site and IRS Publication 590 for more information. 

 The answer is yes!  You can contribute to an IRA and your employer plan (401k, 403b, TSP), so use both of these accounts for retirement.