Taking a glucocorticoid medication (sometimes called corticosteroids) for treatment of inflammatory arthritis or other health problem may weaken your bones. This, in turn, can lead to osteoporosis. The good news is there are ways you can protect your bones while taking glucocorticoid medicine.
The two types of IRAs â Traditional IRAs and Roth IRAs â differ on income limits, age limits, and the Required Minimum Distribution (RMD). The main difference between a Traditional IRA and a Roth IRA is how theyâre taxed. (This is the tax deferred versus tax exempt distinction we referred to above.) If you choose a Traditional IRA, you donât pay taxes on your contributions until you make a withdrawal, usually in retirement.
If youâre doing a Rollover IRA, you can choose between a Traditional or Roth IRA, but remember that all the same restrictions will apply to each IRA type. The best IRA accounts are all about great investing options and low fees. Since tax season is here, now is the best time to make your IRA contributions.