The Roth IRA has no age limit and features tax-free withdrawals for certain distributions
after a five-year holding period. Roth IRA earnings are tax-free but contributions
are nondeductible and taxed in the year they are earned. People who expect to be
in a higher tax bracket after retirement may benefit more from this account than
from a traditional IRA. There are two eligibility requirements for a Roth IRA: you
or your spouse must have earned income and your modified adjusted gross income (MAGI)
cannot exceed certain limits.