Should I be making Traditional or Roth contributions? It’s one of the most common and fundamental retirement planning questions! In this video, I’ll outline (at a high level) the important factors to consider when deciding which way to go, with the use of a free online tool.

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Greg Corneille, CFP®, CRPC® is the founder of Choice Wealth Management, LLC; an independent registered investment advisory firm providing active investment management and financial planning services for individuals, families, business owners, and families with special needs individuals.

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When it comes to saving for retirement, there are several options available to individuals, including traditional and Roth IRAs. Both types of IRAs offer distinct advantages and considerations, and deciding which one is right for you depends on your individual financial situation and goals.

Traditional IRAs allow individuals to make tax-deductible contributions, meaning that the money you contribute to the account is not subject to income tax until you begin withdrawing funds in retirement. This can provide a valuable tax break for individuals looking to lower their taxable income now and defer paying taxes until later in life when they may be in a lower tax bracket.

Roth IRAs, on the other hand, allow individuals to make after-tax contributions, meaning that the money you contribute has already been taxed. However, the key advantage of Roth IRAs is that withdrawals in retirement are tax-free, making them a valuable tool for individuals looking to maximize tax-free income in retirement and potentially avoid higher tax rates in the future.

So, should you be making traditional or Roth IRA contributions? The answer ultimately depends on your current financial situation, tax bracket, and retirement goals.

If you expect to be in a lower tax bracket in retirement, traditional IRA contributions may be more advantageous, as you can take advantage of the tax deduction now and pay taxes on withdrawals at a lower rate later. Additionally, if you are looking to lower your taxable income now and receive a tax break, traditional IRAs may be the better option.

On the other hand, if you expect to be in a higher tax bracket in retirement or are looking to maximize tax-free income in retirement, Roth IRA contributions may be more beneficial. Additionally, Roth IRAs offer greater flexibility in terms of withdrawals, as there are no required minimum distributions, allowing individuals to leave funds in the account to grow tax-free for longer.

It’s important to note that individuals can contribute to both traditional and Roth IRAs, as long as they meet income eligibility requirements. This allows individuals to take advantage of the benefits of both types of accounts and diversify their retirement savings.

In conclusion, the decision to make traditional or Roth IRA contributions ultimately depends on your individual financial goals and tax situation. Consulting with a financial advisor can help you determine the best approach for your retirement savings and ensure that you are on track to meet your long-term financial goals.