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Wondering what the right type of IRA is for your needs? Each type of IRA offers its own tax advantages, eligibility requirements, and contribution limits. T. Rowe Price makes it easy to compare the benefits of a Roth IRA to a Traditional IRA to see what best fits your retirement savings needs. Our IRA Selector Tool helps you select the appropriate IRA type for your age, marital status, and annual income. Browse the Roth IRA and Traditional IRA comparison information below or try our IRA tool.

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Traditional IRA

Roth IRA

Tax Advantages

Tax-deferred growth potential.

You generally pay taxes when you make withdrawals, at which time you may be in a lower tax bracket.

Your Traditional IRA contributions may be tax-deductible if you or your spouse does not participate in an employer-sponsored plan.

Tax-free growth potential.

You pay no taxes when you make qualified withdrawals after age 59½ and your account has been open at least five years.

Eligibility

    

Age

You must be under age 70½ and have earned income in order to make Traditional IRA contributions.

No age restrictions, but you must have earned income in order to make Roth IRA contributions.

Maximum Income

No restrictions on eligibility to contribute, but possibly on deductibility.

May not be eligible if your income is over $127,000 for single filers and $188,000 for joint filers for the 2013 tax year.

Minimum Income

Earned income must be equal to or greater than your annual Traditional IRA contributions.

Earned income must be equal to or greater than your annual Roth IRA contributions.

Maximum Contributions

    

2013

$5,500 ($6,500 if you are 50 or older)

Use IRA AutoMax to automatically contribute the maximum amount every year.

$5,500 ($6,500 if you are 50 or older)

Use IRA AutoMax to automatically contribute the maximum amount every year.

Minimum Contributions

$1,000 to open an Account. $100 per transaction for any additional contributions which can be set up with our Automatic Asset Builder service.

$1,000 to open an Account. $100 per transaction for any additional contributions which can be set up with our Automatic Asset Builder service.

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