Which Individual retirement account (IRA) is right for you? Christo Schultz, MBA, CFP®, Senior Wealth Advisor, explains the difference between a Roth IRA and Traditional IRA. Disclosures: ... ( read more )
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
retirement planning can be intimidating, especially when it comes to choosing between Roth and Traditional IRAs. Both accounts offer distinct advantages and disadvantages, and the choice ultimately depends on individual circumstances and goals. Traditional IRAs allow for tax-deferred contributions, meaning contributions are deducted from taxable income in the year they are made. The potentially high tax deduction can benefit those who are in a higher tax bracket and plan to be in a lower bracket during retirement. Withdrawals from a Traditional IRA are taxed as ordinary income, and there are penalties
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