bartsd,

Something I do not understand in your post is the return you calculated.

$22K at 5.5% for 20 years will become $58K, not $28.

  Prin      Growth
 $22,000.00 $1,100.00 
 $23,100.00 $1,155.00 
 $24,255.00 $1,212.75 
 $25,467.75 $1,273.39 
 $26,741.14 $1,337.06 
 $28,078.19 $1,403.91 
 $29,482.10 $1,474.11 
 $30,956.21 $1,547.81 
 $32,504.02 $1,625.20 
 $34,129.22 $1,706.46 
 $35,835.68 $1,791.78 
 $37,627.47 $1,881.37 
 $39,508.84 $1,975.44 
 $41,484.28 $2,074.21 
 $43,558.50 $2,177.92 
 $45,736.42 $2,286.82 
 $48,023.24 $2,401.16 
 $50,424.40 $2,521.22 
 $52,945.62 $2,647.28 
 $55,592.90 $2,779.65 
 $58,372.55 $2,918.63

If you have income that satisfies the requirements for a traditional or Roth IRA, you can do that.

If you currently have no traditional IRAs and you are not eligible for a Roth contribution, you can make a non-deductible contribution to a trad IRA. Once it is there and booked, to a Roth conversion of the entire amount. You will need to pay income tax on any growth that occurs in the trad IRA, a couple dollars at most. The advantage to a Roth is huge later on when RMDs kick in at 70 1/2 for traditional IRAs.

Google "IRS Pub 590" for the regs on IRAs.

Gene