Should I open an IRA or a Roth IRA?

I am 65 years old and trying to reduce my taxes for this year.

IRAs, Taxes, Retirement Plans
Answers
Sort By:
Most Helpful
January 2016
100% of people found this answer helpful

If you are trying to reduce taxes for the current year, then an IRA would be the best choice. 

Assuming certain qualifications are met, your contributions to a traditional IRA are tax deductible in the current year, the account will accumulate tax-deferred, and the distributions will be taxed as income as you withdraw your funds.

A Roth IRA will not give you a tax break in the current year as it is funded with after-tax contributions, but will accumulate tax free and assuming certain qualifications are met, distributions will be tax free in retirement.

August 2016
January 2016
July 2016
January 2016