If you open a Roth IRA, you can contribute up to $5,500 each year and invest in almost anything. Since money contributed to a Roth IRA is taxed upfront, all future withdrawals are tax-free. If you have $200 a month, this will get you nearly halfway to that maximum contribution. A $200 monthly contribution over several decades could result in $1 million or more when you retire.
Another benefit of a Roth IRA is that you can withdraw your contributions (but not your earnings), at any time, without additional tax or penalty. While you shouldn’t ever dip into retirement savings if you can avoid it, the added flexibility could help you get through a financial emergency.
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