Hello Marsha,
Let me try to help you with the basics. A Traditional is funded with tax-deductible contributions, grows tax-deferred until retirement when distributions are taxed as ordinary income. A Roth, on the other hand is funded with non-deductible contributions (after-tax), also enjoys tax deferred growth, yet upon distibution in retirement the money is tax-free. Often a Roth can be superior for younger people who do not need current year deductions. So the decision depends on age, goals, cashlow, etc. etc. As for business owners, there are other retirement plans with higher contribution limits. For instance a Traditional or Roth currently only allow $5000 this year, SEPs, Simples, and solo-401k plans offer higher contribution limits which could mean you can save more and get a larger deduction. But, every circumstance is different. Does that help?
Good luck!
Todd
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