Question

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Your rich uncle left you $10,000 in his will, but with a requirement that you invest the money into retirement savings. Your brother suggests a Roth IRA, but your sister suggests a Traditional IRA. Explain which one you should choose and why. Be sure to give a definition of IRA in your response.

Answer 1

The option that should be chosen by a person who will receive the amount of money, chooses the suggestion of his brother, means to choose the Roth IRA.

What is Roth IRA and traditional IRA?

A Roth IRA is defined as an individual retirement account (IRA) under the law of the United States that is mostly not taxed upon arrangement, except when certain conditions are met.

A traditional IRA is defined as an individual retirement arrangement (IRA). It was set up in the US by the Employee Retirement Income Security Act, 1974.

Int the above case, the person should lie upon the suggestion of his brother. Because, there is an agreement made with regard and the payment of money's purpose is also clearly defined.

Therefore, a person should choose the suggestion of option A.

Learn more about the IRA, refer to:

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