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The Pros and Cons of a Roth IRA

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In the world of retirement accounts, Roth IRAs are the favored child. What’s not to love about totally tax-free growth on your retirement savings? And if you ask a financial advisor about their disadvantages, the list is likely to be mighty short.

Still, Mr. Roth isn’t always Mr. Right.

The cons of Roth IRAs

Let’s start with the Roth’s disadvantages.

You pay taxes upfront

Roth IRAs provide tax-free withdrawals for Future You. But if you’re struggling to save, taking a tax deduction now for contributing to a traditional IRA might be just the carrot you need to get your retirement savings on track.

The maximum contribution is low

You can contribute $5,500 to a Roth IRA in 2017, and you can do the same in 2018. If you’re 50 or older, you’re...

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