1. Tax-free growth and withdrawals Roth IRA withdrawals in retirement are tax-free. Traditional IRA contributions can be tax-deductible now, but withdrawals in retirement are taxed as income. flickr/ 401(k) 2012
2. No required minimum distributions Unlike traditional IRA accounts, which require withdrawals by age 70- , Roth IRA accounts dont require you to take money out until youre ready. Theoretically, you could let your money compound tax-free until youre 100. Flickr/ Steven Dipolo
3. Leave your money to heirs tax-free Roth IRAs can be passed on to your heirs, who can take either a lump sum or periodic distributions tax- free. The account must be at least five years old to prevent heirs being taxed on the accounts gains. Flickr/ steakpinball
4. Withdrawals not included in MAGI When you withdraw from a traditional IRA, the money counts in your modified adjusted gross income. Roth withdrawals dont count in MAGI. This could help you stay in a lower tax bracket and help you avoid things like the Medicare surtax on investment income.
5. Withdraw your contributions at any time Unlike a traditional IRA or 401(k), you can withdraw your Roth IRA contributions (but not gains) tax- and penalty-free at any age, and for any reason. With other accounts, a 10% early- withdrawal penalty can be assessed. Flickr/ OTA photos
6. Contribute as long as you work You can make contributions to a Roth IRA so long as you have earned income, even if youre past retirement age. Flickr/ kdothq
7. Take advantage of your lower tax bracket now If youre young, chances are your income will rise over your working life, putting you in a higher tax bracket when you retire. Therefore, it could be to your advantage to pay tax on your income now and get tax-free withdrawals later, when youre in a higher tax bracket. Flickr/ 401(k) 2012
8. 16 months to contribute You have until the tax deadline (April 15) to contribute to your Roth IRA for the previous tax year. This benefit goes for all IRAs, but its worth knowing. So, if youre starting late, you have extra time to maximize your 2014 contributions. Flickr/ efile989
9. Income is not (really) a factor in eligibility While you need to earn less than a certain income amount to contribute directly to a Roth IRA, anyone can convert a traditional IRA to a Roth IRA at any time, regardless of income. Check out this article for full details on how to accomplish this.
10. Choices, choices, choices! Unlike most company-sponsored retirement plans, IRAs allow you to invest in virtually any stock, bond, or mutual fund. Some brokers will even let you use options and futures in your IRA accounts. Wikipedia/ deerstop