Everyone needs to plan for their future, and Roth IRAs are a great way to save for your retirement. There is no immediate tax benefit with a Roth IRA, but you will be eligible for tax-free income after you retire, including on your earnings pre-retirement. With no minimum distributions during your lifetime, you can allow the money to grow until you need it or pass it on to your family tax-free. Roth IRAs are especially good for younger earners who usually have a lower income tax rate than they will when they come to withdraw the funds. With decades still ahead of compound interest, you can make a lot of money if you start paying into a Roth IRA when you are young. Parents can even open an account for their children as there is no minimum age limit.
