As a very financially illiterate person, I’m just now entering the adult world and trying to start being smart with my money. Any tips/advice on how to navigate opening an IRA would be lovely!
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IRA or 401k – Put money in now, less taxes now. No touchy till you are 60 and you pay taxes on it later instead
Roth IRA – Put money in now, same taxes now. No touchy till you are 60, but when you withdraw you don’t pay taxes on the money or the gains.
In general a Roth IRA is a good idea when you believe you will be richer (and at a higher tax bracket) when you withdraw than you are now
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