Traditional and Roth IRAs
An Individual Retirement Account ("IRA") is a type of savings account designed to help you save for retirement and offers several tax advantages. There are several different types of IRAs, including:
Traditional IRAs: Almost anyone with an income is able to make before-tax contributions to a traditional IRA. Contributions may be tax deductible depending on a few factors, including your modified adjusted gross income and whether you or your spouse participate in an employer-sponsored retirement plan. Once you reach the age of 70 and a half, you may no longer make contributions..
Roth IRA: There are income limits for contributing to a Roth IRA, but they offer more flexibility when it comes to making withdrawals before you reach retirement, and continuing to contribute after retirement age. Contributions are made on a post-tax basis, and are not eligible for a tax deduction.
With both traditional and Roth IRAs, your money has tax-deferred growth potential while in the account.
The buttons below will take you to Roth IRA and traditional IRA calculators.
The information provided and the corresponding links to IRA calculators are self-help tools for your independent use and are not intended to provide investment advice. NextStage Legacy Advisors cannot and does not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and for illustrative purposes. We encourage you to seek personalized advice from the qualified professionals at NextStage Legacy Advisors regarding all personal finance issues.