The IRS allows anyone to invest money each year in a traditional IRA, although there are contribution limits: see the IRS's Web site at www.irs.gov for current limits. Depending on your adjusted gross income, you may not be able to invest that much--if anything--in a Roth IRA.
IRAs can be invested in any type of publicly traded security, including stocks, bonds, and mutual funds. Generally, there's no limit to switching investments or money managers within an institution, although there could be tax penalties involved if you switch between different types of IRA accounts. Some institutions tack on fees for switching accounts to another firm.
The Difference Between Traditional and Roth IRAs >>