Roth IRA Tax-free retirement growth

The opportunity to grow your retirement savings tax-free and withdraw money when needed.1 That's the power and flexibility of a Roth IRA.

What is a Roth IRA?

A Roth IRA is an individual retirement account (IRA) you fund with after-tax dollars. Your investments have the potential to grow tax-free and may be withdrawn tax-free, provided certain requirements are met.1 Contributions you add to a Roth may be withdrawn at any time penalty-free.

Benefits of a Roth IRA

Tax savings

Keep more of what you make: Any investment growth in a Roth is tax-free, with tax-free withdrawals in retirement.1

Flexible access to your money

Need money in a pinch? Any amount you add to your Roth can be withdrawn without taxes or penalties, anytime for any reason.

Easy to qualify

Earned income: To be eligible to contribute, you simply need to earn income within specific IRS limits.

Answer 4 quick questions to see if you're eligible—and how much you can contribute.

Pick the Fidelity Roth IRA that fits you best

Answer one simple question to start: Who do you want investing your Roth IRA?

I'll invest on my own

  • Select and manage your own portfolio of investments with our free planning tools2
  • Choose from a broad range of investment options to suit your needs
  • No account-opening fees or minimums3—invest with as little as $1

Help me manage my investments

  • Investments managed for you based on your preferences and financial goals
  • Ongoing monitoring and rebalancing by our investment professionals
  • No account-opening minimum—just $10 to invest4
  • $0 advisory fee for balances under $25K (0.35% for balances of $25K+)4

Looking for a more hands-on managed approach?

Consider Fidelity® Wealth Services for your planning and investment management needs. Minimum investment is $50,000 for access to a team of advisors or $500,000 for a dedicated advisor.5

Not sure which IRA is right for you? Check out our Roth vs. traditional IRA comparison.

Don't forget these important next steps

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No reason to delay putting money in—you can withdraw your contributions anytime, free of federal taxes and penalties.

Make or schedule a contribution Log In Required

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Investing gives your money the potential to grow—so don't overlook this critical step. (If you chose Fidelity Go®, we'll do the investing for you.)

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  • How much can I contribute to my IRA?

    You can contribute up to the lesser of 100% of your earned income or $7,000 for 2024. Once you reach age 50, contribution limits on IRAs increase by another $1,000. This allows for a "catch-up" contribution for those nearing retirement.

  • If I qualify to contribute to both a traditional IRA and a Roth IRA, are there tax implications I should consider?

    Having a mix of both pre-tax and Roth contributions can help create additional flexibility in retirement to respond to a great unknown—future tax rates. For people who expect income in retirement to be as high or higher than their current level, others who expect their tax rate in retirement to be higher than today, or younger people who expect steady income growth over their careers, Roth IRA contributions may be the better choice. But if you believe that your tax rates will be lower in retirement than they are now, you may want to prioritize pretax vehicles like the traditional IRA. Our IRA Contribution Calculator allows you to answer a few questions and find out which one might be right for you.

  • Should I own a Roth IRA?

    Generally speaking, most investors should consider having a Roth IRA as part of their overall retirement plan because it offers federal tax-free growth potential and withdrawals, which have the potential to help minimize taxes and maximize retirement savings. Contributing to a Roth IRA involves income requirements.

  • How is a Roth IRA different from a traditional IRA?

    With a Roth IRA, you contribute money that's already been taxed (that is, "after-tax" dollars). Any earnings in a Roth IRA have the potential to grow tax-free as long as they stay in the account. Withdrawals of earnings from Roth IRAs are federal income tax-free and penalty-free if a 5-year aging period has been met and the account owner is age 59½ or over, disabled, or deceased. Roth IRAs are not subject to required minimum distribution (RMD) rules during the lifetime of the original owner, so you can leave your assets in the Roth IRA where they have the potential to continue to grow.

    With a traditional IRA, contributions can be made on an after-tax basis or a pre-tax (tax-deductible) basis if certain requirements are met. Any earnings in the traditional IRA are tax-deferred as long as they remain in the account. Withdrawals of pre-tax monies are subject to ordinary income tax when withdrawn. RMDs are required from traditional IRAs no later than April 1 of the year following the year in which you turn age 73.6 If you wait until April 1, you will then be required to take your second distribution by the end of that year.

    For both types of IRAs, distributions before age 59½ may be subject to both ordinary income taxes and a 10% early withdrawal penalty. For a detailed comparison, view the traditional vs. Roth comparison table.

    Note that with a Roth IRA, you're able to withdraw contributions you've made at any time, for any reason, with no taxes or penalty.

  • What tax form will I receive for my Roth IRA contributions?

    If you contributed or rolled money to a Roth IRA, you will receive Form 5498 from Fidelity in January. Form 5498 summarizes your IRA contributions, rollovers, holdings, and fair market value. If you make a prior year contribution between January and the tax filing deadline, you will receive a revised 5498 in May. This form is informational only and does not need to be filed with your taxes. For help with this tax form, see the IRS Instructions for Form 5498 (PDF).

  • What tax form will I receive for my IRA withdrawals?

    If you made withdrawals (of $10 or greater) from an IRA, you will receive Form 1099-R from Fidelity in January. For more details on Form 1099-R and reporting the withdrawals on your return, see the IRS Instructions for Form 1099-R (PDF).

Additional resources

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Roth IRA for Kids

Your child can start saving for retirement as soon as they have a job. Invest with tax-deferred growth and potential tax-free withdrawals.
Learn more

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