With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 70½ without any required minimum distributions as long as you have earned income.
|Yearly Contribution Limits|
|Tax Year||Under 50||Age 50 and over|
|Current tax year: December 31, 2015|
|Prior tax year: April 15, 2015|