Roth IRA

Roth IRA

A Roth IRA is a retirement account that does not allow tax deductions on your contributions, but in exchange you will not have to pay taxes on your withdrawals when you retire. You can continue contributing money to your Roth IRA at any age as long as you have earned income. Roth IRAs may provide benefit for people who expect to be in a higher tax bracket when they retire.

Don't know how much money you need to save for retirement? Try our Retirement Calculator.

You should consult your tax advisor for more information on how opening a Roth IRA can benefit you in your specific tax situation.

* Penalties for early withdrawal of funds may apply. Rates accurate as of June 23, 2010.