How do I prioritize saving for retirement vs my son's college education? Is a Roth IRA or Traditional IRA better for me at 38 years old?

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Dmitriy Fomichenko, President, Sense Financial

@dfomichenko • 12/29/15 This answer was first published on 12/29/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The choice between regular IRA and Roth IRA depends on many factors. The main difference is the tax treatment. With a regular IRA, the account is pre-tax, which allows all your money to be invested and earn income. Taxes is only taken out at the time of withdrawal.

With a Roth, you pay taxes up front on your contribution. However, there will be no tax at the time of withdrawal. Your earned income from investing the original amount is tax-free.

The choice between a regular account and Roth depends on your tax situations, income level and age. You can also choose to contribute to both accounts. This way, during retirement, you can choose to withdraw from the pre-tax or after-tax fund, depending on your tax bracket that year.

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