Savings & Investments » Individual Retirement Account » IRA—How to Decide
IRA—How to Decide
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| |
Traditional IRA |
Roth IRA |
Coverdell Education Savings Account (CESA) |
| I need a tax deduction now and am eligible for one. |
Yes |
No |
No |
| I want to save for my retirement. |
Yes |
Yes |
No |
| I want to save for my child's education. |
Yes |
Yes |
Yes |
| My IRA contributions are deductible, but I'll probably be in a higher tax bracket when I retire. |
No |
Yes |
No |
| I'm receiving a payout from my previous employer's qualified pension plan and I want the money to remain tax deferred. |
Yes |
No |
No |
| I'll want to use some of my IRA for my first home purchase. |
Yes |
Yes |
No |
| I want a government-insured investment. |
Yes |
Yes |
Yes |
*APY is Annual Percentage Yield.
