A traditional IRA account allows tax-deductible contributions where you pay taxes on future withdrawals. This is a good option if you’re in a high tax bracket now and are likely to be in a lower bracket by the time you retire. On the other hand, a Roth IRA account offers more flexible withdrawals than a Traditional IRA. Roth IRA contributions aren’t tax deductible, but you can enjoy tax-free withdrawals in retirement or when you meet the criteria.
The choice between a Traditional IRA and a Roth IRA depends on your current financial situation and your retirement goals. It’s often advisable to consult with a financial advisor to determine which option is best for you.