What is Roth IRA?

A Roth IRA is a U.S. individual retirement account that offers tax-free growth on funds vested in the account and tax-free withdrawals from the account after the account holder meets certain criteria. More specifically, Roth IRA account holders that are at least 59.5 years old or older and have had their account open for at least five years are eligible to withdrawal the funds within their account any time they want without paying federal taxes.