Where to Stash Your Retirement Cash

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What do I need to know about contributing money to an IRA vs. a 401(k)? Also, I thought that if I have a 401(k) plan at work that I could not contribute to an IRA as well. -- J.K.

IRAs and 401(k)s: Traditional, Roth, conversions, rollovers... Saving for retirement can be a confusing process. But where you stash your cash can make a huge difference when you're ready to enjoy your golden years.

Welcome to Retirement Savings

We all know that saving for retirement is a very big deal, but let's face it: Retirement accounts can be intimidating. With no fewer than 11 different kinds of IRAs out there, it can be compelling to just put off setting up your retirement accounts for another day. That's a mistake, according to Stuart Ritter, a certified financial planner at T. Rowe Price (TROW Quote). Ritter says retirement savings should start "as soon as you have earned income -- as soon as you enter the workforce." ...