PROS	CONS
There are no income limits to open and contribute to a traditional IRA If you're eligible for the tax deduction on contributions, you can claim it whether or not you itemize deductions on your tax return Tax-deferred growth means any gains you would pay taxes on in a standard brokerage account are pushed down the road You can use traditional IRA money to pay for qualified college expenses without paying an early distribution penalty, although you'll pay taxes on the distribution You can use up to $10,000 from a traditional IRA toward the purchase of your first home (again, you’ll owe taxes on the distribution but no penalty)	If you tap the money before age 59½, you’ll pay taxes and a 10% early distribution penalty, unless your withdrawal qualifies as an exception. (Here’s a full list of the traditional IRA early distribution rules.) You must begin taking distributions — called required minimum distributions — at age 72. (There are no required minimum distributions with Roth IRAs.) If you're covered by a retirement plan at work, your ability to deduct IRA contributions may be reduced or eliminated at higher incomes.

PROS

CONS

There are no income limits to open and contribute to a traditional IRA
If you're eligible for the tax deduction on contributions, you can claim it whether or not you itemize deductions on your tax return
Tax-deferred growth means any gains you would pay taxes on in a standard brokerage account are pushed down the road
You can use traditional IRA money to pay for qualified college expenses without paying an early distribution penalty, although you'll pay taxes on the distribution
You can use up to $10,000 from a traditional IRA toward the purchase of your first home (again, you’ll owe taxes on the distribution but no penalty)

If you tap the money before age 59½, you’ll pay taxes and a 10% early distribution penalty, unless your withdrawal qualifies as an exception. (Here’s a full list of the traditional IRA early distribution rules.)

You must begin taking distributions — called required minimum distributions — at age 72. (There are no required minimum distributions with Roth IRAs.)

If you're covered by a retirement plan at work, your ability to deduct IRA contributions may be reduced or eliminated at higher incomes.