You do not get the tax deduction with a Roth IRA when you contribute the money, but after a five (5) year holding period you can withdraw it tax free upon reaching age 59½, or in case of disability, death or first-time home purchase. This is a major tax savings tool.

You can make non tax deductible annual contributions of up to $4,000 ($5,000 if age 50 or over) to a Roth IRA. You can continue to make non tax deductible contributions to a Roth IRA after age 70½.