A Roth IRA is considered to be an individual retirement savings account that gives your money a chance to grow tax-free. A Roth IRA is funded with the income that you have earned that you have already paid taxes on. A Roth IRA can offer a little bit more flexibility than what a regular IRA can offer. A Roth IRA will allow you to withdraw your contributions as long as you are over the age of 59 1/2 , at any time without being penalized. A Roth IRA will also allow you to leave the money in the savings account for as long as you wish regardless of your age. Sometimes, a Roth IRA may have income and contribution limits, which usually depends on the maximum that you can contribute and your income level.
Basically, you can contribute to your Roth IRA as long as you have taxable income and your adjusted gross income is less than $167,000 if you are filing a joint tax return or if you are single, head of household, or filing as a separately married person and make less that $105,000. A Roth IRA was specially developed with middle class families in mind. You can acquire about a Roth IRA account with United Retirement Advisors Group.