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Retirement Accounts:

Choose between a "traditional" IRA or a "Roth" IRA for accumulating funds for retirement:

The tax breaks for a traditional IRA are of the "tax deferred" kind. Contributions are tax deductable and earnings tax deferred, subject to certain limitations established by the IRS. When you withdraw the money at retirement, after age 59 1/2, it is taxed at your ordinary income tax rate (consult your tax advisor).

The tax breaks for a Roth IRA are of the "tax exempt" kind. Unlike the traditional IRA, the Roth IRA contributions are never deductible. However, when you withdraw the money for retirement, after age 59 1/2 and if open for at least five years, none of the money will be taxed, including earnings (consult your tax advisor).


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