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What are the main differences between a Traditional IRA and a Roth IRA?

Earnings on contributions you make to a Traditional IRA will grow tax-deferred, which means you won’t be taxed on earnings until you start making withdrawals from the account (at an eligible age). Withdrawals from Roth IRAs are tax-free and penalty-free if certain requirements are met. In short, it primarily comes down to taxes – more…

IRA Comparison

Features Traditional IRA Roth IRA Contribution limit based on income No Yes Contributions are tax-deductible Potentially No Age limit to participate Yes No Earnings’ tax treatment Tax-deferred1 Tax-free2 Required Minimum Distribution Yes No Pay Taxes at time of withdrawal Yes No2 1Earnings on contributions you make to a Traditional IRA will grow tax-deferred, which means…