What are the tax benefits of different IRA’s?
Posted March 30th, 2009 by admin 1 Comment »
jennifer asked:
I am just starting out in my career (26 years old). My company does not offer any retirement or 401k plans. I just did my taxes and realized I can get an extra $925 back on my refund if I contribute $3500 to a traditional IRA. I have decided I can afford to and should make this size contribution for last year to some sort of IRA. Should I contribute to the ROTH IRA and get the tax benefit when I retire or the traditional IRA and get the benefit now?
I am just starting out in my career (26 years old). My company does not offer any retirement or 401k plans. I just did my taxes and realized I can get an extra $925 back on my refund if I contribute $3500 to a traditional IRA. I have decided I can afford to and should make this size contribution for last year to some sort of IRA. Should I contribute to the ROTH IRA and get the tax benefit when I retire or the traditional IRA and get the benefit now?
