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Chart comparing major difference of IRA's including benefits and eligibility.

Roth IRA

Traditional IRA

Unique Benefits

Any earnings are tax-free if withcrawn after age 59 1/2 and the account has been open five years or more
Contributions (not earnings) can be withdrawn tax and penalty-free at any time
Contributions are not tax-deductible

Any earnings grow tax-deferred until wihdrawn after 59 1/2 at which time they are taxed at your current rate
Contributions and earnings can be wihdrawn penalty-free after age 59 1/2
Contributions are not tax-deductible

Who is Eligible?

Any age, as long as your modified Adjusted Gross Income (AGI) does not exceed:

Anyone under the age of 70 1/2 who has earned income equal to or greater than their IRA contribution amount.

Withdrawals

No Required Minimum Distribution (RMD) ever.

A Required Minimum Distribution (RMD) must begin after age 70 1/2.

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