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How To Choose An IRA

There are two basic types of IRAs (Individual Retirement Accounts) for individuals looking to set aside money for retirement. To determine whether a Traditional or Roth IRA will work best for you, compare the differences between the two.

A side-by-side comparison will help you see which features benefit you the most.

How to Choose Between Traditional and Roth IRAs

IRAs icon

Traditional IRAs and Roth IRAs, the two most common types of Individual Retirement Accounts, offer tax-advantaged methods to save for retirement. The main difference between these IRAs is when income is taxable to you.

When choosing an IRA, consider these key factors:

Consider Your Income

You may contribute to either IRA from January 1 of any calendar year up to the tax filing deadline in the following calendar year, which is typically April 15.

Consider Your Tax Bracket

Your decision to choose one IRA over the other may depend on when you will be in a higher tax bracket. This is important to consider when making a contribution or distribution from your account.

Resources to Help You Choose an IRA

plan for your future

This side-by-side IRA comparison created by the IRS provides a brief summary of current features of Traditional and Roth IRAs.

Synchrony Bank does not provide tax advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA.

Open an IRA at Synchrony Bank

To see how your money can grow in an IRA, visit Synchrony Bank’s website or call 1-844-345-5789.

Synchrony Bank offers a wide range of savings products, award-winning customer service, and FDIC insurance up to $250,000 per depositor for each ownership category.





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