Question about IRA's:

[UrbScotty]

18. If you're in a low tax bracket, the only reason I can think of to open a traditional IRA

(i.e. not Roth) is if you want to roll over your 401(k) or other retirement plan assets from a previous job (which is allowed). That could give you more control over your investments than a workplace retirement plan provides (i.e. allowing you to invest in individual stocks, or in funds that the other plan doesn't offer).

Even then, there can be downsides to that kind of rollover. Many 401(k)/403/457 plans allow you to take money out of your plan (as taxable income) after you've left that employer - even if you're not 59 1/2 yet. If you rolled that over into an IRA, you'd have to wait until you're 59 1/2 or pay a penalty on top of whatever other tax.

I think a traditional IRA makes the most sense if you're in a higher tax bracket and your employer does not offer you a retirement plan. In that case, you can deduct your contributions now, with a view toward taking the money out when you're retired (and presumably in a lower tax bracket). (If your employer did offer a retirement plan, then it's probably better to just contribute to that, given the phase-out rule for IRA deductions and the higher contribution limits for employer plans versus IRAs.)