What is a Roth IRA?
A Roth IRA is an individual retirement account created by the Taxpayer Relief Act of 1997. Roth IRA accounts are traditionally used as retirement savings accounts. They allow limited contributions to be made throughout the tax year and can be withdrawn within 5 years after establishing the account provided you are aged 59 1/2 or older.
- Can I have both a traditional IRA and a Roth IRA?
- Will my Roth IRA affect the amount that I can contribute to my employer-sponsored retirement plan?
- Will I earn interest on my money if I put it into a Roth IRA?
- Who can contribute to a Roth IRA?
- How much can I contribute to my Roth IRA?