A Roth IRA is a special individual retirement account (IRA) where you pay taxes on money going into your account, and then all future withdrawals are tax free.

Roth IRAs are best when you think your marginal taxes will be higher in retirement than they are right now.

Single filers can’t contribute to a Roth IRA if they earn more than $144,000 in 2022 ($153,000 in 2023). For married couples filing jointly, the limit is $214,000 ($228,000 in 2023).

The deductible amount that you can contribute changes periodically. In 2022, the contribution limit is $6,000 a year unless you are age 50 or older—in which case, you can deposit up to $7,000. In 2023, the limit increases to $6,500 (plus the additional $1,000 for those 50 and older.)

Almost all brokerage firms, both brick-and-mortar and online, offer a Roth IRA. So do most banks and investment companies.

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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA