If your earnings from work are too high, you can't contribute at all. You can withdraw tax-free contributions at any time from a Roth IRA. If that's not your option, you can make a non-deductible contribution to a traditional IRA and convert it to a Roth one. Many employers are starting to offer Roth 401s, which follow the 401,000 rules instead of the IRA rules, meaning you can continue to contribute no matter how much you earn. Alternatively, you can purchase a Gold IRA kit and use it to invest in gold or other precious metals.
Your contributions to a traditional IRA probably aren't tax-deductible because of your high income, but you won't have to pay income taxes every year because they're in a retirement account (however, you can't write off losses either). It's very important to increase the amount you contribute to your 401 (k) plan at work, as this is one of the best ways to lower your tax bill. Roth IRAs are retirement accounts that allow your savings to grow tax-free, but there are some limitations on how and when you can contribute. There is always a “but” option when you want to use an alternative option, so if you have other IRAs with deductible contributions, you should determine the taxation of the converted amount proportionally.
After the end of the calendar year, your tax accountant can tell you if you are eligible to make a contribution to the Roth IRA for that year and you have until April 15 to make a contribution from the previous year. Open and contribute to a traditional IRA, and then convert it to a Roth IRA after holding the funds for one year.