Saving for retirement is just plain something all of us need to do. Without savings, you might really struggle to manage your living costs on your Social Security benefits alone.

When it comes to choosing a retirement savings plan, you have options. You could choose to participate in your employer's 401(k) plan or open a traditional IRA for the immediate tax savings involved.

But you may want to house your long-term savings in a Roth IRA. If you do, you'll get tax-free withdrawals during retirement, which means you won't have to worry about the IRS taking a portion of your income at a time when money may be tight.

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Source Fool.com