Investing for your retirement is one of the most important things you can do for your future. Taking advantage of an IRA (Individual Retirement Account) to help supplement your future retirement income is always a good idea. Which IRA is best for you?
Before you open an IRA, take a look at the Roth IRA and the traditional IRA to see which one will benefit you more.
- Age – you must be under the age of 70½ by the end of the calendar year
- Income – to participate you must earn income (there is no maximum income limits)
- Contributions – may be tax-deductible, depending on income level
- Distributions – are penalty free and taxed as ordinary income when taken after age 59½
- Required Minimum Distributions – Are required April 1 of the year after the year you turn 70½ Continue Reading…