Roth IRAs are similar to Traditional IRAs, except your contributions are not tax-deductible. Whenever you choose to withdrawal your earnings, you do not have to wait until age 50 1/2, and you are not taxed. You can also use your funds to purchase stocks, bonds, and other types of investments.
Other kinds of IRAs including Rollover IRAs, Inherited IRAs, and more are available based on your individual needs, and qualifications do apply.
Federal income tax laws are complex and subject to change. Please consult your attorney or tax advisor for answers to specific questions.