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I'm fifty and have only resently started to invest outside of my company's 401K. I'm guessing that I'd like to retire in about 5 years. My 401K is currently just under $500,000 and my current lump sum pension is a little over $300,000.

I got into the F4 and a couple of RMs a couple of months ago (~30K) in a fully taxable online account. Now I'm wondering if I should also open an IRA. Apparently I'll need an account evenually to transfer my 401K/Lump Sum (?), but does it make sense for me to open one and contribute to it now ? And if so, is the ROTH more for long term younger investors and I should take the 'now' tax advantages of the traditional IRA ?

Thanks <foolish to long> Tom

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