If you are contemplating starting to save for retirement, then now is your opportunity. A Roth IRA is a safe and reliable special savings plan authorized by the Federal government to help you accumulate funds for your retirement. Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been opened for five years and the account holder is 59½ or older.
- Contributions can be made to a Roth IRA regardless of age.
- You can make contributions to your Roth IRA at any time during the year or by the due date for your return that year (not including extensions).