A Traditional IRA allows you to save for retirement and may give you tax advantages. You are required to take a minimum distribution each year once you turn 70 ½. Your contributions may be fully or partially tax-deductible depending on your circumstances. Consult with your tax advisor for additional information regarding tax-deductions.

If you are looking for tax-free earnings, the Roth IRA might be the right option. Earnings withdrawn on or after the age of 59 ½ may be tax-free provided the account has been established for 5 years. You may make contributions to your Roth IRA after you reach age 70 ½ provided you receive W-2 wages. Your contributions are not tax-deductible. Consult with your tax advisor for additional information regarding contributions and distributions.