What is the downside of a ira?

IRAs have low annual contribution limits, but they can be a great way to save for retirement. Roth IRAs offer tax-free withdrawals for Future You, while traditional IRAs provide a tax deduction now. Additionally, you can even invest in Gold for IRA investment to diversify your retirement savings and maximize your returns. The downside is that income taxes are due both to your contribution and to the money you earn when you make withdrawals during retirement.