It all comes down to taxes. Traditional IRAs are tax-deductible now but you pay tax when you withdraw in retirement. Roth IRAs are contributed to on a post-tax basis so you pay tax now and then take your withdrawals tax-free after you retire.

To decide ask yourself if you think your tax rate will be lower in the future or if you think the rate will be higher.

If you think you will be in a higher bracket when you retire go with the Roth

If you think you will be in a lower bracket in retirement as you live off your savings then take the tax advantage now with the Traditional.

Here is a great resource with updated tables and more details:

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About Frank Chou:

Passionate senior finance leader with over 10 years of experience implementing finance best practices for multi-billion dollar companies serving both domestic and international marketplaces in the manufacturing, logistics, distribution, and fulfillment sectors. Founder and catalyst of world-class finance teams in both rapidly scaling and established enterprises. Proven as a trusted business adviser, building successful partnerships across functions and delivering bottom-line growth through implementing best practices, eliminating waste, and optimizing cost.

*Some products and/or links that appear on this video and channel are from companies from which Frank Chou may earn a referral bonus and/or an affiliate commission. This video is accurate as of its posting date.

DISCLAIMER: Frank Chou is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com.

DISCLAIMER: I’m not a financial advisor/planner. The videos on this channel are for educational/entertainment purposes only. Investments in securities are not guaranteed to increase in value, consult your own advisor/planner when making personal investment decisions.

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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA