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[toabb]

I should have added, open a ROTH IRA not a regular IRA. Deposited money is posttax and anything you make is yours to keep. (downside is you have no tax deduction for the contribution). But if you ever run into trouble and need some money, you can withdraw up to the total amount of your contributions in a ROTH without a penalty. [ie. you deposited 22k over 4 yrs.. you can take out 22k if need be]. Traditional IRAs come with heavy tax consequence AND penalties if withdrawing money early.

There is yearly contribution limits for either type.