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Individuals expecting a higher tax bracket in retirement or who prefer tax-free income later in life.
Not Ideal For
Those seeking an immediate tax deduction (because Roth IRA contributions are made with after-tax dollars, so you’ve already paid the taxes).
Funded By
After-tax dollars, allowing for tax-free growth and withdrawals in retirement.
Taxes
Earnings are tax-free if you’re at least 59½ and have had the account for at least five years.
Contribution limits
Your ability to contribute depends on your income, with full contributions available under certain income thresholds.
Required Minimum Distributions (RMDs)
Not required during the account holder's lifetime.
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