Can more than 50 million Americans be wrong? It's unlikely––and that's how many people have made Traditional IRA contributions since its inception in 1974. Indeed, the advantages to the IRA are many.

Like these. Your money grows tax-free until withdrawal––and that difference can be huge. You may be able to deduct contributions from your income. Your IRA dollars can be invested in many places. Early withdrawals are now available for education and other uses. And, of course, saving for a comfortable retirement just makes sense.

There are a few hitches, naturally. You'll pay taxes on distributions. You'll often pay a 10% early-withdrawal penalty if you can't wait (until age 59 1/2). And finally, figuring out what you'll owe in taxes when you withdraw your money isn't easy, so you should probably talk to your independent tax advisor when you get to that point.