Roth IRA or Traditional IRA?

I have seen some pros and cons to each of these IRA's but I am courious if anyone has experience with both. Is there a minimum startup for either of the funds? Which one is better for taxes? I am married and have a dual income combined of about $75000.00

It is good to diversify your retirement income between taxable and tax-free income. The tax deduction is helpful now, but tax-free income in retirement will be nice too! If you have a 401(k), contribute up to the match and then fund the Roth. If not, perhaps fund both a Roth and traditional IRA. What about your spouse? If he/she has a 401(k), do that, and then a Roth for you.

The minimums depend on the company which holds your IRA - usually it's $500 or $1000 to start, the lower usually if you agree to regular contributions.

The traditional is better for current taxes, the Roth is better for future taxes, especially if you think you'll be in a higher tax bracket in the future than now.

Email me if you want to discuss further!

Roth, Roth, Roth ... always go with the Roth.

Call Fidelity Investments (see web site) and open an account which will let you hold a Roth IRA with mutual funds. You can usually open one with $2500, and maybe $500 if you choose automatic monthly investing.

There is lots of great info on Fidelity's site, and if you call and talk to a "retirement specialist" they are awesome about giving thorough and correct answers.

Some the factors to consider are your tax bracket now compared to the tax bracket you will be in when you retire. For a Roth there are also income limits.

I am a fan of the Roth IRA, due to the tax benefits.

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