Ask Terry Questions Traditional IRA vs. ROTH IRA

Traditional IRA vs. ROTH IRA

By Terry Savage on March 11, 2023 | Financial Planning / Retirement

Good morning, Terry! First of all, I enjoy watching and listening to your advice on WGN! I worked on our taxes and I can take a full Traditional IRA deduction. My husband cannot. We file married filing jointly. Should I take the immediate tax deduction on both fed. & state tax returns or should I contribute to a ROTH IRA? I am 62 yrs. old and have both Traditional and ROTH IRA accounts. Thank you very much for your advice!

Terry Says

Depends on whether you need the deduction. If you don’t take the deduction right now, one day you’ll be able to pull all the money out tax-free!! And no Required Minimum Distributions from a Roth. So that’s the way I would lean!

Recent Financial Planning / Retirement Questions



a personal
finance question