What is the best type of investment to set up for retirement?

What is the best for long term/retirement savings? My husband and I are in our 20s and are looking to save for retirment. I am thinking a Roth IRA account...any suggestions? Thank you!!!!

If you have a 401k already, a roth IRA is your best bet (so long as you qualify). In this account you put post tax dollars which can grow tax free until withdrawn.

If you do not currently have a 401k, you are better off with a traditional IRA as this allows you to contribute pre tax dollars. The earnings in the account grow tax free like the Roth IRA, but have the added benifit of being tax deductable at the time of contribution. since they are pretax contributions you will have to pay income tax at the time of withdrawal. So the traditional has the dual benifit of lowering your taxable income and tax free growth. you can not use htis account though if you have a 401k or other employer sponsered retirement account.

You're right on the money...a Roth is an excellent investment.. if paying taxes at the end of the year is a problem, you can go with a Traditional IRA... ( reduces your adjusted gross income and therefore your tax)
You can alternate year to year or take out one of each seperately .
...and if you've got a little extra, don't be afraid to read a little on-line about "investing"...and set up an account where you can buy a couple of conservative mutual funds....LEAVE THEM ALONE for a couple of years and see how they grow.....best thing a " couple" can ever learn...put off a few things you think you"just gotta have" for a better future!
Some rainy weekend go to yahoo/finance, or moneycentral/msn or investopedia......and find out a few basics ( it's not hard, its a few darn terms, ) ....and learn to move SOME of your funds into funds that are more aggressive ( but need watching--- nothing to it..a few keystrokes)
Your IRA's will be growing....your "side- money" going for a down payment?....Whatever..YOU WILL BE READY.
Best of luck
Ooops! Opening accounts are also a breeze on-line...check with Fidelity for full service...phone numbers, e-mail addresses... request info....... all on-line.

you should use a retirement specialist or financial professional. feel free to call my advisors at Moreland Capital Management. Their number is 208-578-7931 and tell them Charles referred you.