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Wednesday, May 01, 2013

Baby Boomer Retirement: Traditional IRA vs Roth IRA

Baby Boomer Retirement: Traditional IRA vs Roth IRA: As you save money for retirement, you may be confused about whether you would be better off sticking with a traditional IRA or moving your lifetime savings into a Roth IRA.

There are a number of differences between Traditional IRA's and Roth IRA's.  One of the major differences is when you pay the taxes on the money.  With a traditional IRA, you defer the taxes until you withdraw the money.  That can save you money now.  With a Roth IRA, you pay the taxes now, but you don't have to pay taxes on the money during your retirement.  That will save you money when you are living on a fixed income.

There are several other differences between the two, as well.  Find out more so you can decide which one will work best for you.  Read the full story at Baby Boomer Retirement: Traditional IRA vs Roth IRA.

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