When saving for retirement, many'often ask which account they should be making contributions to '' a traditional IRA or a Roth IRA'' The answer depends on several different factors that should be considered and discussed.''
To assist in this conversation, we have prepared the 'Should I Contribute To My Roth IRA Versus My Traditional IRA'' flowchart.' This flowchart considers:
- Eligibility to deduct contributions to a traditional IRA
- Eligibility to make contributions to a Roth IRA
- Current tax rates vs. future tax rates
- Ability to max out the contributions
- RMD impact
Flowchart: Should I Contribute to My Roth IRA vs. My Traditional IRA – 2024
Flowchart: Should I Contribute to My Roth IRA vs. My Traditional IRA – 2023
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