Quote:
Originally posted by NoSoup
Yes. There is both an limit on % of income and a hard cap, if I remember correctly.
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I don't understand. If an IRA can be any kind of investment "vehicle" then how can there be a single cap? Does that exist because you officially designate it an IRA with the investment firm you're using? If so, how do you do that? And who imposes the cap?
I suppose for now, all I'm looking for is some kind of account that I can store a chunk of money in that I won't touch except to add to periodically with practice student loan payments. I also want to be able to watch it online like I do my savings and checking accounts. My first instinct was to start a money market account through Citibank because I already have a savings account there and I can transfer my funds into it easily. Then my sister started talking IRA and I wanted to investigate further. I don't want to settle for something less than optimal just because I didn't know any better. Was my first instinct stupid?
(Thanks for all the responses so far.)