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Roth vs. Traditional IRA: Key Differences & How To Choose

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Opening an individual retirement account (IRA) can be a great way to save on taxes while investing in your future and setting yourself up for a successful retirement. IRAs are the second most popular type of retirement account in the U.S., behind employer-sponsored retirement accounts, such as the 401(k) and 403(b).

But should you open a Traditional IRA or a Roth IRA? Can you contribute to both? Here are the key differences and how to decide which would work best for you.

This post originally appeared at TIME.