This type of retirement savings account offers the advantage of tax-deferred growth, meaning that taxes on untaxed earnings or contributions don’t have to be paid until age 73. Contributions are made with pre-tax dollars and allowed to grow tax-deferred. Withdrawals later in retirement are taxed as ordinary income."} 6f:{"type":"p","text":"The combined contribution to traditional (and Roth) IRAs is limited to $7,000 for the 2025 tax year for everyone under age 50. If you’re 50 or older, you can also contribute an additional $1,000."} 70:{"type":"p","text":"“These amounts are the same as for 2024,” Ford said."} 71:{"type":"p","text":"Roth IRA. This account carries the advantage of putting after-tax dollars into a retirement plan."} 72:{"type":"p","text":"“When you get the money out, those contributions under current tax law will not be taxed, and it grows tax-free,” Ford said. “And at age 59 1/2, you can withdraw contributions and earnings without penalty as long as the Roth IRA has been open for at least 5 years."} 73:{"type":"p","text":"The 2024 contribution deadline for both traditional and Roth IRAs is April 15, 2025."} 74:{"type":"p","text":"“Roth contributions won’t save on income taxes, but the traditional will,” Ford said. “And if you’re contributing to a traditional IRA, you get a deduction on your taxes for that.”"} 75:{"type":"p","text":"Converting Traditional IRA Money to a Roth. In 2010, the federal government began allowing people to convert accounts from traditional IRAs to Roth IRAs, regardless of their income."} 76:{"type":"p","text":"Ford said that while this strategy can be beneficial if you expect to be in a higher tax bracket later in life, or if you wish to leave

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