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What is the difference between a roth IRA and a regular Ira?

Basically for Roth you put the money in AFTER you pay income tax on it, and you don't pay income tax when you withdraw at retirement age.
Traditional IRA you put the money in BEFORE you pay income tax, and you pay income tax on it when you withdraw.
 
Other key points (simplified a little):
1. Unlike a traditional IRA, you can contribute to a Roth IRA even when your company has a 401k, and even if you are maxing out that 401k.
2. Unlike a traditional IRA, you can withdraw the principal (how much you've put in, not including growth in value) before age 65 without paying taxes and penalties.
 
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