Earnings grow tax-deferred

Contributions may be tax deductible

Maximum contribution of $7,000 per year

A catch-up contribution of an additional $1,000 per year for persons age 50 and up

Mandatory distributions starting at age 73

Distributions before age 59½ are subject to penalty tax unless you have an early distribution exception

Can transfer any qualified retirement plan directly into a Traditional IRA without owing taxes or penalties

Earnings grow tax-deferred

Contributions may be tax deductible

Maximum contribution of $7,000 per year

A catch-up contribution of an additional $1,000 per year for persons age 50 and up

Generally, contributions can be withdrawn at any time tax-free

Distributions not required during the lifetime of the Roth IRA original owner