 TITLE: Step-by-Step Checklist to Opening an IRA CONTENT: Decide Between a Roth IRA and a Traditional IRA\n-----------------------------------------------\nIf an IRA looks like a good option for you, you'll need to choose between a traditional IRA and a Roth.\n*   **Traditional IRA**: Contributions are made pretax and are tax-deductible depending on your income and whether you have an employer-sponsored retirement plan.\n    *   Because you don't pay tax on contributions until you begin taking withdrawals after age 59½, traditional IRAs are especially good for high earners looking to reduce their current taxable income.\n    *   You must start taking distributions from the IRA by April 1 of the year after the calendar year you turn 70½ (or 72 if your 70th birthday was July 1, 2019, or later).\n*   **Roth IRA**: Contributions are made with post-tax dollars and are not tax-deductible.\n    *   Because you contribute to Roth IRAs with after-tax dollars, you pay no tax on withdrawals made after age 59½. For that reason, Roth IRAs can be a good option for people just starting their careers who have a lower income tax bracket than they may later.\n    *   You are never required to take distributions; you can even leave the IRA to a beneficiary.\nThe following table compares the differences between Roth and traditional IRAs. END