Which IRA Option is Best? PenFed-Stories - Know the differences
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Ask the Experts

Which IRA Option is Best?

August 13, 2021
Video Time: 00:52 | Views: 45

When it comes to saving for retirement, many people have an IRA. But do you know which type of IRA you should be contributing to? PenFed Financial Advisor Tamara Murphy discusses the differences between two options and how to know what’s right for you.

 

Schedule a FREE consultation with Tamara or another financial professional today: https://penfedwealth.com/meet-with-an-advisor

It's never too late to
start saving for retirement.
The two primary types
of individual retirement accounts
available to individuals
are Traditional IRAs and Roth IRAs.
With Roth IRAs, you get taxed in the year
you put the money in,
on the funds that you contribute,
but then it grows
tax free and the entire account
balance is yours when you retire
without having to pay
taxes in retirement.
However, with a Traditional IRA,
although you get a tax
deduction in the year
you make the contribution, you
then have to pay taxes
on the entire balance
while you're in retirement.
To determine which IRA is best
for you, it's best
to talk to your tax advisor
and your financial advisor.

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