Roth IRAs are great because they allow for tax-deferred growth. Contributions to a Roth IRA are not tax-deductible. However, when the Roth IRA has been held for five years and is used after the customer reaches age 59 ½, the funds can be withdrawn tax-free. Contributions may be made through April 15th for the previous tax year, and individuals over age 50 may be eligible to make an additional catch-up contribution.