Had to pick between a Roth IRA and a traditional IRA last year

I sat down to do my taxes and realized I had $6,000 sitting in a savings account doing nothing. My buddy told me to open a Roth IRA because he thinks taxes will only go up. But my dad swears by traditional IRAs since you get the tax break now. I went with the Roth since I'm in a lower tax bracket right now at 22%. After 12 months I've got about $6,400 in there just from market gains. The real test will be when I hit retirement age but so far the growth has been solid. Anyone else struggle with this choice when they first started investing?

2 comments

2 Comments

wesleyjohnson17d ago

The real test will be when I hit retirement age" - yeah, by then I'll probably just be happy if I remember where I put my dentures let alone worrying about tax brackets.

uma_reed2617d ago

Oh yeah, at that point I'll be more concerned with whether I remembered to put pants on before leaving the house.