Do you know the difference between a Traditional IRA & a Roth IRA??

IRA accounts, otherwise known as, Individual Retirement Accounts are a way for to save for retirement. A Traditional IRA can be funded with pre-tax contributions and can be a tax deductible (check with your tax advisor) and grow tax-deferred until age 70 ½ (when the IRS requires you to begin distributing the assets).When you retire and draw on the funds, the money would be taxable as ordinary income.Theoretically, you would be in a lower tax bracket during the withdrawal phase.It is important to note, that any distributions taken prior to 59 ½ are subject to both taxes and an early withdrawal penalty from the Fed of 10% and the State of 2.5%.