Yes, it's possible to do both at the same time. It's called and Individual Retirement Plan. Here is how it works..

Our Federal goverment realized a long time ago that most people were not saving enough for their retirement. Congress then decided to "bribe" you! They passed a law giving you tax breaks for saving for your twilight years. You your trouble the IRS will give you a possible break on your taxes. You have to contribute to your Individual Retirement Account (IRA). You can contribute as little as $500 or as much as $5,000 per year. In return, IRS will allow you to deduct some of that on this years taxes. Its not dollar for dollar (and some restrictions apply to people you make a boat load of money) but its a really good deal!! You save on this year's taxes while saving for your retirement!!

For more info:

https://www.fidelity.com/retirement/planning