Saving for retirement in a traditional IRA or 401(k) can make more sense than socking money away in a Roth account. That's because traditional retirement accounts give you a tax break on your contributions. If you're a higher earner in a higher tax bracket, that tax break may be very valuable to you. Plus, you might earn too much money to contribute to a Roth IRA directly, making a traditional IRA a better bet.
You worked hard for your money all your life so keeping the greatest part of it out of the taxman's icy grip begins by planning early. There are numerous paths to take to minimize your retirement tax bill, and some are quite complicated and complex strategies that need years of planning to come to fruition. Because retirement planning is no longer a straightforward effort, consult with a tax professional and a financial planner early on to make best use of the options available.