While earlier is better when it comes to planning your retirement, it's never too late to start – or to get serious about it. Social Security and a 401(k) won't be enough to support the kind of lifestyle most individuals would like to maintain in retirement and therefore an IRA may be the right choice for you!

INDIVIDUAL RETIREMENT ACCOUNTS: An IRA is an INDIVIDUAL RETIREMENT ACCOUNT. An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes. The two main types of IRA’s are the TRADITIONAL IRA and the ROTH IRA.

A Traditional IRA is primarily a tax-deferred individual savings plan. Contributions are made up to a specified limit with the contribution tax deductible up to the phase-out limitation. Money invested and earned in a traditional IRA is subject to income taxes at the time of withdrawal. Withdrawals can be made without penalty once the age of 59 1/2 is reached and withdrawals are required once the age of 70 1/2 is reached.

• Tax deductible contributions (depending on income level)
• Withdrawals begin at age 59 ½ and are mandatory by 70 ½.
• Taxes are paid on earnings when withdrawn from the IRA
• Available to everyone; no income restrictions
• All funds withdrawn (including principal contributions) before 59 ½ are subject to a 10% penalty (subject to exception).

A ROTH IRA is an Individual Retirement Account that provides tax-free growth. As a result, it's the simplest - and potentially the most effective - sheltered account imaginable. Contributions are NOT tax-deductible when the funds are contributed, but the ROTH IRA Earnings accumulate tax-free and remain tax-free upon distribution.

• Contributions are not tax deductible
• No mandatory distribution age
• All earnings and principal are 100% tax free if rules and regulations are followed
• Available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.
• Principal contributions can be withdrawn any time without penalty under certain circumstances.

It's never too early – or too late – to get serious about your financial future and retirement.