Presented by Jim Guynan
Eligible individuals can contribute to a tax-deductible traditional IRA, to a non-deductible Roth IRA or to a combination of the two. However, no more than a combined total of $5,500/$6,500 if age 50 or older in 2013 (or 100% of earned income if less) may be contributed to these accounts each year.
Individuals who are not eligible for deductible contributions to a traditional IRA or to make contributions to a Roth IRA may still make non-deductible contributions to a traditional IRA and receive the benefits of tax-deferred growth.
Which type of IRA is best for you depends on your situation, needs and objectives. Please call me for comparisons that are designed to help you make an informed decision.