What is a Roth IRA?
A Roth Individual Retirement Account (IRA) is a specific type of retirement account that you fund with your after-tax earnings, a percentage of which are deposited into your Roth IRA. Your Roth IRA earns money (interest), and those earnings are automatically added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.