re: How should I invest extra cash?(Posted by chauncey1 on 1/24/13 at 11:20 am to Powerman)
Do you want to contribute to a Roth IRA? You can contribute to a traditional IRA. Then convert it to a Roth. It's a loop hole that essentially allows you to contribute to a Roth, but with an extra step.
You can always contribute to a traditional Ira up to $5k if you're under 50 regardless of your 401k. What he may be talking about is that you can't deduct your contributions from taxes. People who don't participate in qualified retirement plans can deduct contributions to a traditional Ira.