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Save for the future with a Roth IRA

Key takeaways

  • Roth contributions are made after taxes have been paid.
  • Investments offer tax-free growth potential.
  • If you need to access your contributions, you can withdraw them at any time with no taxes or penalties. There are some rules around withdrawing earnings.

Roth IRAs offer the potential for tax-free growth and tax-free withdrawals in retirement. But that's not all—if you need money before retirement you can withdraw the money you contribute to the account at any time, with no taxes or penalties.

Find out more about the benefits of saving in a Roth IRA. For Fidelity's latest insights, sign up for Viewpoints®

Tax-free retirement income? Sounds good.

A Roth IRA can be a powerful way to save for retirement since potential earnings grow tax-free.

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Investing involves risk, including risk of loss.

Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.


For a distribution to be considered qualified, the 5-year aging requirement has to be satisfied, and you must be age 59½ or older or meet one of several exemptions (disability, qualified first-time home purchase, or death among them).

2. You must be 18 to open an IRA with Fidelity. A custodian can open a Roth IRA for a minor under age 18. 3. For 2023, if you're single, the ability to contribute to a Roth begins to phase out at MAGI of $138,000 and is completely phased out at $153,000. If you're married filing jointly, the phaseout range is $218,000 to $228,000. 4. The 5-year aging begins January 1st of the year of the first contribution. 5. Based on unreimbursed medical expenses that are more than 7.5% of your adjusted gross income for the year. 6. Additionally, periodic payments, medical expenses in excess of 7.5 AGI, unemployed purchase of health insurance, and IRA levy are additional distributions that are penalty free. 7. Zero account fees and minimums are available for retail brokerage accounts only. Expenses charged by investments, (e.g., funds and managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. All Fidelity funds that previously required investment minimums of $10,000 or less, and in stock and bond index fund classes that previously had minimums of $100 million or less, now have zero minimums. See the fund's prospectus and for further details. Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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