A Roth Individual Retirement Account (IRA) is a tax-advantaged retirement savings vehicle that allows individuals to contribute after-tax income, and qualified withdrawals, including both contributions and earnings, are tax-free. Unlike traditional IRAs, Roth IRAs do not provide an upfront tax deduction for contributions, but they offer the advantage of tax-free growth and withdrawals during retirement. Individuals can contribute to a Roth IRA as long as they have earned income, and there are income limits determining eligibility. Contributions can be withdrawn at any time without penalties, but earnings withdrawn before age 59½ may be subject to taxes and penalties unless specific conditions are met. Roth IRAs are known for their flexibility and are often used as part of a diversified retirement savings strategy, providing a tax-efficient option for long-term wealth accumulation and retirement planning.
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