A Roth IRA is very similar to a traditional IRA in that both can be contributed to by minors and a non-working spouse, and both have similar contribution limits. The main difference between a Roth IRA and a traditional IRA is when the contribution will be taxed.
With a traditional IRA, the money you contribute is not taxed until you withdraw it. With a Roth IRA, contributions are taxed when you deposit. A Roth IRA can be beneficial if you suspect that your tax liability percentage may be higher when you retire than what it is now.
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At Investar, our goal is to help individuals take control of their retirement. It's recommended that the average citizen have around $1.7 million to retire comfortably. A traditional savings plan may not get you where you want to be; however, you can have the retirement you’ve always wanted! Meet with one of our retirement specialists to establish your goals. We’ll help you find options that help best accomplish your retirement goals and maximize investments that are best for your individual plan and situation.
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