The case for and against IRA / Self Directed IRA

[Terry Royce]

Currently I do not have any IRA / 401k, and I have been looking at starting and depositing into one before tax day deadline for 2011.
I have previously just bought stocks and/or mutual funds

However, the more I think about it, the more I'm not so sure about having a IRA/401k.

I was planning on rolling it over into a self directed IRA in a year or two to purchase investment properties, however, the long term lack of access to the cash really is starting to bother me, and I'm thinking that even though I will not have the tax shielding from the retirement plan, having the flexibility and access to money for investments or business opportunities will provide more chance for growth.

What are the arguments for and against having 401k/IRA from the professionals here, and those with experience in these.

Thanks