Should I invest in a Traditional IRA if I make too much money to use a Roth IRA?

If you have access to a 401(k) plan at work (or something equivalent, like a 403(b)), fund that account first. If you're self-employed, open a SEP-IRA or SIMPLE IRA first.

Then, if you still have money to save (good for you, if you do), a traditional IRA is a pretty good idea. It probably won't be deductible (my guess is you make too much money for deductibility). But the earnings will grow tax free (and will be taxed when you withdraw). IRAs can have low expenses (if you go to an inexpensive mutual fund company like Vanguard). You could consider other alternatives, like an annuity, but annuities generally have much higher expenses than IRAs. One big advantage of an IRA, even if contributions aren't deductible, is that it's hard to spend the money in it before you've retired. So you're more likely to have the money when you retire. If you don't separate your retirement money from other money, it's more likely to be spent too soon.

If you are not covered by a retirement plan at work (401K, etc.), yes, you should, and you can deduct it.

If you make too much for a Roth, then you also make too much to deduct traditional IRA contributions for a year in which you are covered by a retirement plan at work (401K, etc.), so their might be better options than nondeductible contributions (contribute more to the plan at work, invest in an annuity, etc.).

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