The Individual Retirement Account (IRA) is one of the easiest and smartest ways to save for retirement or supplement your employer sponsored retirement plan. The Traditional and Roth IRAs are the most common. The chart below will help you understand and compare the differences between Traditional and Roth IRAs.
Both Individual Retirement Accounts have different eligibility guidelines such as the amount of money you make, certain age limits, and tax implications upon withdrawal. Use the chart to compare or, for more detailed product information, contact a Retirement Specialist at 843-569-4917. We recommend that you seek advice from a tax consultant with regard to your personal situation.
Traditional vs Roth IRA
For Full Deduction
$5,000 - under 50
$6,000 - 50 or older
Contributions cannot exceed annual compensation.