Unlike a Traditional IRA, a Roth IRA is taxed as income at the time of your contribution, but the money you withdraw isn’t subject to taxes. Just like a Traditional IRA, you can save up to $6,000 as an individual or $12,000 as a couple each year until you turn 72 years old. Those older than 50 years old can contribute an additional $1,000 per individual or $2,000 per couple. After five years, you can withdraw all the funds, tax-free, under one of the following circumstances:
Based on federal tax code, some members may not be eligible to participate. Consult with a tax professional before contributing to a Roth IRA.