know the difference

Traditional IRA Roth IRA
Pay Taxes Later Pay Taxes Now
Contributions May Be Tax Deductible Contributions May be Withdrawn Tax Free and Penalty Free Once You Reach 59 1/2 and the Account has Been Open for at Least 5 Years
No Age Limit with Earned Income No Age Restrictions for Contributions
No Income Restrictions on Eligibility to Contribute, but Possibly on Deductibility Income Restrictions on Eligibility to Contribute May Apply
Must Begin Taking Your Required Minimum Distributions (RMD's) at 72 1/2 Not Required
Maximum Contribution Limitation Can Change Annually Maximum Contribution Limitations Can Change Annually
Must Have Earned Income  
Withdrawals are Penalty Free at Age 59 1/2