Part of what makes Roth IRAs so appealing is its tax-friendly quality. But there are 3 major benefits of a Roth IRA:

• You can contribute money regardless of your age and for as long as you like

• You can leave the money in the account without having to make minimum monthly withdrawals (something you must do with traditional IRAS)

• You can withdraw money whenever you want for any reason (but if you’re younger than 59½ you’ll face early withdrawal penalties unless you can prove you have a qualifying reason such as college tuition, medical expenses, or a first-time home purchase).  

Thinking of starting a Roth IRA? If so you’ll need to make sure you meet these taxable income guidelines: Want to know the 3 benefits of Roth IRA's?