This news isn't about cryptocurrencies like Bitcoin or Ethereum! It's about something called a Roth IRA, which is a special savings account to help you have money when you're old.
It's like a piggy bank for your retirement, but there are two types: a regular IRA and a Roth IRA. Both help you save for retirement, but they handle taxes differently.
Choosing between them depends on whether you expect to pay more taxes now or when you retire.
- A regular IRA lets you save more now because you don't pay taxes on the money you put in until retirement.
- A Roth IRA means you pay taxes now but get your money tax-free in retirement.
| Account Type | Taxes Paid Now | Taxes Paid in Retirement |
|---|---|---|
| Regular IRA | Less | More |
| Roth IRA | More | None |
