What is the best advice you have for starting your own retirement account when one is not offered by your employer?
Answers | 1
A Roth IRA, on the other hand, gives you no tax deduction now, but allows you money to grow on a tax-FREE basis, meaning that you would pay no taxes on the distributions when you draw income in retirement.
So which is a better option? Well, that depends a lot on what your current marginal tax bracket is now, and what you suspect it will be in retirement. Often, a mix of IRA and Roth IRA contributions makes sense, but please consult with a qualified financial planner for help with this question as it pertains to your specific situation.