There are a couple long running debates in the financial world, one being Term Vs Whole Life Insurance and the other being the Traditional IRA Vs the Roth.  In both of these debates, both products have their purpose and the answer for you depends on your circumstances.

For example:  If you are currently in a high tax bracket but expect to have much less income during retirement you may value the current tax deduction more than tax free income at retirement.   Many sales people have a high current income but don’t plan on working past retirement age and typically don’t have much residual income.

If however, you plan on having a high level of residual income even after retiring (business owners & farmers) the tax free income may be more important than having additional current tax deductions.  Additionally, the Roth IRA allows for more flexibility post retirement so you may even be able to use this money as part of your estate planning.

Additionally, if you feel tax rates are going to be significantly higher in the future than now it may make more sense to contribute to a Roth IRA.  On the flip side, some people fear that the government will change the rules if they get into a bind with the high deficit.  If this is your opinion you would want to take the tax deduction now.

Also, it doesn’t have to be an all or nothing decision so you can contribute 1/2 to a Traditional IRA and 1/2 to a Roth to tweak both your current and retirement taxes.  In fact, hedging your bets in this way is probably a reasonable thing to do in an uncertain environment.

This article talks more about this topic.