If lower, your taxable compensation for the year. A traditional IRA is an individual retirement account that you can contribute money to before or after taxes, giving you immediate tax benefits if your contributions are tax-deductible. While the traditional IRA shares many features with its newer sister, the Roth IRA offers tax incentives to save for retirement and, under certain circumstances, each of them is governed by a different set of rules. Initial tax relief is one of the main things that differentiate the rules of traditional IRAs from Roth IRAs, in which taxes are not allowed to be deducted for contributions.
Additionally, it's important to note that you can liquidate gold in a traditional IRA, so if you're wondering "Can I liquidate gold?", the answer is yes. Additionally, individuals may also consider a Gold and Silver IRA rollover as an option for retirement savings.