Roth IRA is a savings plan for retirement. Anyone filing a Single Tax Return up to $95,000 or married couples filing a Joint Tax Return up to $150,000 with MAGI can contribute for this IRA. Individuals aged 50 years and older who have earned compensation will be permitted to make additional “catch-up” contributions. The regular contributions can be withdrawn anytime with no tax and penalty if the account is open for 5 years and for reasons like death, disability, aged 59 ½ years, first time home purchase, Education Expenses or Large medical expense and health insurance premium while unemployed.