A Roth IRA offers tax-free growth and tax-free withdrawals in retirement, but unlike a Traditional IRA, contributions are made with after-tax dollars, meaning they are not tax-deductible. However, the big advantage is that your withdrawals in retirement are completely tax-free, which can be really helpful if you expect to be in a higher tax bracket in retirement.
Remember, any contributions can be withdrawn tax and penalty free if you need the funds; regardless of your age or how long the account has been opened. Only your gains are taxed if there is an early withdrawal.
Also, Roth IRAs do not have Required Minimum Distributions (RMDs) after you turn 73 - like regular IRAs - allowing your investments to grow tax-free for as long as you want.
Learn more about the differences between a Traditional IRA and a Roth
