Why I chose ROTH IRA over Traditional IRA,,

Why I chose Roth IRA( Individual retirement Account ) over Traditional IRA..?
   First of all we all work hard for our money, and saving for the future is not only good sense , but also common sense,, I know But I want that big house, that cool car , cool clothes.. That's all well and good. But the future comes faster than you think.
 Like for me.. I'm retired and I still have kids that are growing up attending college  too? Guess what? Those things cost,, ?Yes, you can rely on financial aid, Pell grants, etc. But establishing that college fund,, or savings plans , life insurance...are the way to have money for their future and yours,, That's one of the reasons I bought life insurance for myself , wife and my kids.. In case of the inevitable,,, when I die , they will have money for my funeral expenses and their own expenses , like school fees, car notes, life,, Its called protection for life's unavoidable truth.. 
 Now back to my decision to use ROTH IRA OVER TRADITIONAL IRA..
  IRA - is a individual retirement account.. 
  traditional IRA have 2 benefits.

1) No taxes on the money , until you make a withdrawal..
2) All interest , capital gains or dividend are tax differed until once again you make a withdrawal..

My choice " ROTH IRA" 

similar but,,, 
Your contribution's are not tax deductible but are tax free if you ..

1) keep the money in the account for 5 years .. after your initial contribution,.
2) reach the age 59 1/2 , unless you die or are disabled..

Thus , you want to leave that money in the ROTH IRA as long as you can.. 
Traditional IRA's don't allow you extensions,,, you have to start withdrawing by the time your 70 1/2..

remember this:
Traditional Ira 's - The money you put in isn't taxed.. its the money you take out that is!! Here don't pay me now , but pay me later.. Which could be larger than the Roth Option,,,Do the math..

Roth Ira's - You are taxed on the money when you put it in , not when you take it out,, In other words,, pay me now ,, enjoy later..

Both Traditional and Roth's have limits you can contribute each year, check with you bank,, both penalize you if you withdraw the money before designated retirement age,,

Now IRA rollovers.. 
Like anything in life you want a better rate of return for money eventually,,,
You can rollover other IRA'S or 401k's 403 (b)s or other employee savings plan when you change or lose jobs.. 
 So, based on these criteria's I use the Roth Ira..when,, its time I can roll it over to annuities,, which is my next blog.. So please read and heed, and research about money matters.. But most of all start savings.. and develop a budget plan,, so you know where your money is going and find ways to cut back or adjust your expenses and savings..plans.  The simplest way to save is set an allotment or direct deposit into savings, or Ira accounts, that way out of sight ,, it docent affect you. 
 Lets do the math/.

Save 100 dollars a month = 1200 in a year.. time 5 years = 6000 NOT COUNTING INTEREST,,
IN 20 YEARS THAT'S 24,000 not counting interest,, ok doesn't seem like alot.. well add more money per month.. like,, after paying  off a car ..300.00 a month 
300 x 12 deposits per year =3600 a year - in 5 years = 18,000  .. over 20 years that's 72,000 plus not counting interest.. and if you roll it over to annuity that pays higher interest,, than your $$ will be even more,, But.. it cant happen without a discipline commitment to make this happen.. 

I hope this clarifies,, how Ira's work,, and if your still confused,, seek a Financial advisor than can you how to make your money work better for you,, Its like I say,, who cares how much you make? The tougher question is how much are you saving? Those that take that road of saving.. Are the ones,, that will have financial stability.. Remember you cant have a FINANCIAL FUTURE if you delay your savings plans..and when you need a higher rate of return. seek out those programs that will enable you to do that.. So Enjoy and start savings,, and create a budget now,,, Your future and your family are depending on someone in the family to be financially educated... Have a great day until my next financial tip.. !!
Mel Paras Productions @2015..