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What is a Roth IRA?
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A Roth IRA is an Individual Retirement Account (IRA) that allows you to save for retirement without paying taxes on the money until you withdraw it. The main difference between a traditional IRA and a Roth IRA is that with a traditional IRA, your contributions are made with pre-tax dollars and then taxed when you withdraw them in retirement, while with a Roth IRA, your contributions are made with after-tax dollars and you do not pay taxes when you withdraw the funds in retirement.