If you’re in your 20s and want to open an IRA, consider yourself lucky because you’re ahead of the pack. But be aware that the unique tax benefits of a Roth IRA may make it a better option for younger savers than a traditional IRA.
A traditional IRA provides a tax deduction on contributions and tax deferral on any gains. Withdrawals are taxed based on your income tax bracket when you retire. Roth IRA contributions are not tax-deductible, but both gains and withdrawals are tax-free in retirement.