"You control the money," said Ed Slott, founder of IRAhelp.com. "You don't have to work for a company. You don't have to follow a company retirement plan's rules. You can keep the IRA where you want. You can consolidate all of your retirement accounts in the same place that you control. You can roll over a 401(k) when you retire so everything is in one place."
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Slott explains, “With a Roth IRA, the tax is paid up front (because you don’t receive a tax deduction) and the withdrawals in retirement can be tax-free. With a traditional IRA, you can get a tax deduction when the contribution is made, but every dollar earned will be taxed when it is distributed.”