What is a Roth IRA?
Career: Roth Iams
A Roth IRA (Individual Retirement Account) is a type of retirement savings account that allows you to contribute after-tax income, meaning you've already paid taxes on the money you deposit. The major benefit is that qualified withdrawals, including earnings, are tax-free during retirement. Roth IRAs also offer flexibility, such as the ability to withdraw your contributions at any time without penalty and no required minimum distributions during the account holder's lifetime. This makes them a popular choice for individuals seeking tax-free growth and more control over their retirement savings.