Raising Money$mart Kids: A Traditional IRA or a Roth IRA: Which One is Better For You?

Welcome to Raising Money$mart Kids!

What do YOUR kids know about the value of a buck? If you're like most families, finances aren't often discussed. Some parents feel that talking about money makes their kids feel like they're poor. Others may not know where or when to start to help their kids learn about budgeting or business or banking.

Here at Raising Money$mart Kids, you will find articles on everything from setting up an allowance to running a lemonade stand to helping kids make better purchase decisions. You can ask questions get help from the community.

So, grab a cup of coffee and pull up a chair!

Thursday, November 18, 2010

A Traditional IRA or a Roth IRA: Which One is Better For You?

Trying to find your way through the maze of retirement investment options can be disheartening and confusing. With so many plan types out there, it is often difficult to choose the one that is going to work best for you. When looking at Individual Retirement Accounts (IRAs), there are two main kinds: a traditional IRA and a Roth IRA. Here's a breakdown of the pros and cons of each.
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Which Retirement Plan is Right for You?

Traditional and Roth IRAs are important tools in your retirement investment toolkit. Both plan types provide tax-sheltered investment income growth and regular income upon retirement. Knowing the ins and outs of traditional and Roth IRAs can be difficult for the average investor. Considerations when choosing an IRA plan include age, income levels and company matching. Here are the basic characteristics of each type of plan:

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Piggy Banks to Paychecks

“It doesn’t matter how old your children are or how difficult your financial situation is. It doesn’t matter where you start to teach your kids about money. It doesn’t matter what kind of allowance system you choose to set up with your kids. It only matters that you get started- right now, with the tools you have to work with and the knowledge you already have.”Piggy Banks to Paychecks tackles the subject of money head-on in an easy-to-understand, friendly format. If you are a parent,grandparent, teacher, or otherwise involved in helping kids learn financial basics, this book is for you. In its pages, you’ll find straightforward answers on saving, wise spending, investing, and donating. You will find help in setting up an allowance plan for kids and various methods of tracking savingsand evaluating purchases. You will learn the language of money and be able to set your children on the path to fiscal responsibility – the greatest gift you can give them.