Investing/ Roth IRA/traditional IRA /saving?

There is a vast amount of information on Roth Ira's and Traditional Ira's. A Roth has a limit of $5,500 per year($6,500 if over 50) of earned income-no you can't put more in it. And since it is post tax income, the account is not taxable IF you keep it at least 5 years and don't tap into it until age 59 1/2. In a Traditional IRA, the contribution is Pre Tax, and any profits in the IRA are taxable(including what you pay into it). And that amount differs from year to year-now I think it is $18,000.

You can OPEN a Roth IRA with as much money as you like....there is just an annual LIMIT to how much additional money you can ADD to the Account in each subsequent calendar year.....and for Tax Year 2016, that limit is $5,500....

http://www.rothira.com/roth-ira-limits

That is the most you can add to the IRA each year. However there is nothing that says you can't open a regular mutual fund account. I did that and was very successful over the previous 50 years.

That is the most you can add to the IRA each year. However there is nothing that says you can't open a regular mutual fund account. I did that and was very successful over the previous 50 years.

If you are under 50 years of age, $5,500 is the most you can contribute to an IRA in one year.