To further sweeten the deal, the Roth IRA lets you withdraw your contributions at any time tax-free. But if you're worried about tying up your money in an IRA, you have less to worry about with a Roth. Now, for some ground rules. You have to have earned income sufficient to cover your IRA contribution, regardless of type. For parents who want to set up an IRA for a minor, this is the issue they face.
Earned income is income earned by working, by performing a service for someone.
Investment earnings don't count. Nonworking spouses get a break in this regard, however. And this applies, whether it's a traditional IRA or a Roth. It may still be worthwhile, from an economic standpoint because the conversion will entitle you to tax-free withdrawals when you retire. You have to consider which is worth more to you.