A type of individual retirement account where individuals contribute funds with after-tax dollars, meaning they have already paid taxes on the money before making the contribution. One of the main advantages of a Roth IRA is that qualified withdrawals made during retirement are tax-free. This means that individuals can enjoy tax-free growth on their investments and avoid paying taxes on the money they withdraw from the account in retirement. Roth IRAs can provide individuals with tax advantages and flexibility in their retirement planning.
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