A Roth IRA is funded with after-tax dollars, allowing tax-free qualified withdrawals in retirement, including earnings. Contributions can be withdrawn anytime without penalty, and earnings are tax-free after age 59½ if the account is at least five years old. The 2024 contribution limit is $7,000 ($8,000 for those 50+), with income phase-outs above $146,000 for singles and $230,000 for married filers. Roth IRAs have no required minimum distributions, aiding estate planning. High earners can use a backdoor Roth IRA strategy to access benefits.