For many people, Roth IRAs can be the most important and substantial retirement planning tool available. You receive no immediate tax benefit from a Roth IRA contribution, but then that money grows tax free and is not taxable when you take it out in retirement after age 59.5.

Traditional Retirement Arrangements (IRAs) have tremendous tax benefits and are typically a cornerstone of retirement funding. You receive a tax deduction for making contributions (unless your income is too high), the money grows tax deferred, and you pay taxes upon withdrawal in your retirement.

In future episodes, we will cover other types of IRAs and also strategies for utilizing multiple IRA types to help you Retire With Peace.

Learn about what it means to Retire With Peace from Dave Zaegel, CPA, CFP. Dave Zaegel is co-founder of CWOs for Hire, a financial planning firm focused on helping retirees develop a financial plan for retirement, invest their money well, and not get killed in taxes during retirement.