The best IRA to open requires some projections. If you believe that your future tax rate in retirement will be lower than your current tax rate, then you might prefer a traditional IRA. With a traditional IRA, you don’t pay income tax on the money you contribute to the IRA until it is withdrawn in retirement. At age 73, you’re required to begin required minimum distributions (RMD) from the IRA. The Roth IRA decision is a bit more complicated. If you are in a low-ish tax bracket now, and prefer to pay income taxes now, rather than in retirement, then a Roth IRA might be the best. With the Roth, you pay tax only once, when the money is earned and before investing in the account. Then your Roth IRA contribution grows tax-free and can be withdrawn tax-free as well. Unlike the traditional IRA, you are not required to withdraw money from the Roth in retirement.