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Choosing Between a Traditional and Roth IRA? Check This Comparison of the Two.
Traditional and Roth IRAs are excellent savings vehicles for retirement. But when deciding on something as important as where to potentially grow your investments, it's essential to understand the differences between the two. You may prefer one over the other or even find that you want to contribute to both.With a Roth IRA, you contribute money that's already been taxed. These "after-tax" dollars have the potential to grow tax-free as long as they're in the account. Any earnings remain tax-free and penalty-free if:In addition, Roth IRAs are not subject to required minimum distribution (RMD) rules during the original owner's lifetime.Continue reading
Traditional and Roth IRAs are excellent savings vehicles for retirement. But when deciding on something as important as where to potentially grow your investments, it's essential to understand the differences between the two. You may prefer one over the other or even find that you want to contribute to both.
With a Roth IRA, you contribute money that's already been taxed. These "after-tax" dollars have the potential to grow tax-free as long as they're in the account. Any earnings remain tax-free and penalty-free if:
In addition, Roth IRAs are not subject to required minimum distribution (RMD) rules during the original owner's lifetime.
