Roth IRAs offer unique benefits of their own: contributions are made with after-tax dollars, which translates into tax-free withdrawals down the road. There is no mandatory withdrawal requirement. You can withdraw the contribution (not the earnings) at any time without incurring a penalty or paying taxes. After five years, if you are 59½ or older, you can begin making tax-free, penalty-free withdrawals.
Beginning with the 2005 tax year, $4,000 is the maximum allowable contribution and if you are over 50 years of age, you can contribute an additional $500.00 as a catch contribution. Adjusted Gross Income requirements also apply.View Rates