In today’s video we’re discussing the difference between the Roth and traditional IRA – individual retirement account.

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The key feature that separates the Roth IRA from a traditional IRA is that it allows for after-tax contributions, and these contributions grow tax-free. Because your contribution is made after taxes are paid, you won’t get a tax break like you do with the traditional IRA.
However, you will be able to withdraw the money penalty-free and tax-free if you are older than age 59 ½ and have held the account for 5 years or more.
This is a KEY benefit of the Roth IRA.
Another difference between the Roth IRA and traditional IRA is that with the Roth, there are no required minimum distributions (RMDs).
This allows your funds to continue to grow tax-free. It also means when the market is high or down, you aren’t forced to sell when you don’t want to – or when it’s not advantageous for you to do so.
When you make contributions to a traditional IRA, the money goes into the account pre-tax and your contributions grow tax-deferred.
Essentially, a traditional IRA gives you a tax deduction immediately (subject to income limits). And you’re only taxed when you take out the money.

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