The benefits of tomorrow's tax-free retirement withdrawals with a Roth IRA far outweigh the benefits of today's tax-deduction with a traditional IRA, says Stuart Ritter, Sr. Financial Planner at T. Rowe Price. According to recent T. Rowe Price customer data, investors under 34 years of age have over eight times more money in Roth IRA accounts than traditional IRA accounts. And within that group, investors between ages 18-24 have over sixteen times more money in a Roth IRA than a traditional IRA.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

More from Video

Sprout CEO: Don't Call Her Drug the Female Viagra

Sprout CEO: Don't Call Her Drug the Female Viagra

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Jim Cramer's Investing Rule 15: Don't Forget About Bonds

Jim Cramer's Investing Rule 15: Don't Forget About Bonds

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries