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A Roth IRA is a retirement savings account. It allows your money to grow tax-deferred and to withdraw it tax-free at retirement if you meet certain conditions. You contribute to a Roth IRA with after-tax dollars, meaning you’ve already paid taxes on the money you put into it. In return for no up-front tax break, your money grows tax-free. When you withdraw money from your account, it is tax-free!
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The Roth IRA is flexible. You can withdraw your contributions (but not the earnings) without incurring a penalty so you have more access to your money. You may withdraw your Roth IRA contributions tax and penalty free for any reason. However, the distribution must be “qualified” and at least five calendar years must have passed from the first contribution in order to avoid being taxed or penalized on any investment earnings.
The qualifying distribution reasons are:
Roth IRAs have no RMD requirements. With a traditional IRA, you must start making RMD withdrawals after you reach age 72.