but that's not the case," says Liz Young, head of investment strategy at SoFi. A Roth IRA may make sense at one point in your life, while a traditional IRA can make sense at another. At times ...

Start by looking at your income. There are income limits for Roth IRAs, so if your income is above those limits, then it's a no-brainer: a traditional IRA is the only one for you. Let's say you're ...

Gina Young is an accomplished ... be opened for a child: a traditional IRA and a Roth IRA, each offering specific tax advantages. Brokerages customarily require an adult such as a parent or ...

just like for adults, the IRS rules are pretty straightforward. For 2024, the total contribution an individual under age 50 can make to any IRA account — whether Roth, traditional or some ...

Roth IRAs offer more flexible withdrawal rules than traditional IRAs. Traditional IRA early withdrawals may trigger income tax and penalties. Roth IRA contributions can be withdrawn at any time ...

Otherwise, the main difference with a custodial Roth IRA is that an adult — typically ... with a custodial traditional IRA. But the Roth version makes more sense for young people for three ...

By setting up a custodial Roth Individual Retirement Account (IRA), that young adult could sock away some ... becomes the owner of the account. With a traditional IRA you deduct contributions ...

The Roth IRA — a popular retirement account — is similar to a traditional IRA in that you can regularly contribute to the account and watch your investments grow so you have a nest egg to tap ...

IRA contribution limits for 2024 and 2025 are $7,000 for adults under 50 and $8,000 ... annual contribution limit in 2024 for a traditional and Roth IRA is $7,000 for those younger than age ...

Gina Young is an accomplished finance ... Michele Pevide / Getty Images Converting your traditional individual retirement account (IRA) to a Roth IRA is a strategic financial move that could ...

Roth IRAs vs. traditional IRAs: What's the difference? Unlike contributions to a traditional IRA, which may be tax-deductible, a Roth IRA has no upfront tax break. Money goes into the Roth after ...