Financial advisers suggest that to ensure a secure financial future in retirement, your retirement income should be 70%-80% of your pre-retirement income. This means that you should be able to predict as accurately as possible your total years of employment and how much money will be accumulated based on salary increases and the number of years left until retirement. However, many retirees nowadays face the sad reality of low income in retirement and cannot guarantee comfort in their golden years.

Retirement changes your life drastically and hopefully for the better. Some people tend to think that retirement is all about money, but the truth of the matter is that retirement is a lifestyle, it is a choice of life and you choose a particular lifestyle for your golden years based on the decisions you make during the years of employment. However, as there are many retirement myths that are often misleading, many people tend to make the wrong decisions and therefore they are more likely to ruin their retirement, not only in terms of accumulated money, but mostly in terms of quality of life.

Roth IRAs and traditional IRAs are individual retirement accounts held by commercial banks and retail brokers that allow individuals to invest in different asset classes. Most people are eligible to contribute to both retirement plans. But, how do you choose a Roth IRA vs. a Traditional IRA?