A Roth IRA may be opened by any individual who has earned income and wants to save for retirement with tax advantages.
With a Roth IRA, cash is contributed "post-tax," which means the contribution is made with taxable earnings for that year.
Cash contributions can then buy assets (stocks, real estate, gold, etc.), and earnings on those assets are tax-deferred.
A Roth IRA holder may withdraw the principal amounts (i.e. your contributions) at any time without penalty or tax liability.
After 59.5 years of age you can take distribution(s) without penalty and without taxes, as long as the account has been open for at least five years.
Passed into law in 1997, the Roth IRA is a powerful tool for your overall financial strategy.