hmm so I wanted to open retirement savings this year

there are regular IRAs and Roth IRAs

  • Korean financial advisor who I went to ask first about retirements: so you should get a Roth IRA, those don’t get taxed
  • My latino financial advisor: dude that Korean advisor must have super rich clients who get income from renting out buildings they own. You don’t own any buildings right? So yeah for normal people who only make money from working, a regular IRA is better, because you get your taxes deducted now. Then when you retire you will have zero income, so it doesn’t matter if they try to tax you for your IRA income at that point.
  • Internet: regular IRAs get taxed after you retire, Roth IRAs get taxed when you put the money into the Roth. So if you are gonna be making more money after retiring than at your current age, then Roth IRA is better, but if you are gonna be making less money after retiring, regular IRA is better (so agrees with my financial advisor)
  • My CPA who is Korean: you are opening a regular IRA this year? Uh those don’t get tax deductions, Roth IRAs get tax deductions

Do these Koreans know something that my advisor doesn’t? Oh god are they doing some loophole or scamming the system