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Roth IRA vs. Traditional IRA: Which Retirement Savings Option is Right for You? Retirement planning is a critical financial objective for most people, as it helps secure their financial future after they stop working. An Individual Retirement Account (IRA) is one of the most popular retirement planning tools available in the United States. IRAs offer several benefits to investors, including tax-deferred or tax-free growth on investments, and the flexibility to choose their investments. However, there are two main types of IRA: traditional IRA and Roth IRA. Understanding the differences between the two types is essential when choosing which one to open. In this article, we will compare and contrast Roth IRAs and traditional IRAs, including their benefits, limitations, tax implications, eligibility requirements, and other key factors. Overview of Traditional IRA A traditional IRA is a retirement savings account that allows individuals to make tax-deductible contributions and invest thei