We are almost at the end of tax season, now is the time to decide when you want to pay your taxes on your retirement savings.
If you are making IRA contributions, you have a decision to make. Pay now or pay later, Traditional IRA or Roth, which is better for you?
The difference between a traditional IRA and Roth IRA comes down to one thing: When you pay taxes. With a traditional IRA, you can possibly deduct your contributions from your taxable income, but you’ll pay taxes when you take withdrawals in retirement.

With a Roth IRA, you contribute after-tax money and can take tax-free withdrawals in retirement. The ability to have your money grow tax-free is a blessing from the IRS, and it’s arguably one of the best retirement savings hacks available.

You can make a 2022 contribution up until 4/18/23, make your choice now.

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