Originally Posted by newB

ROTH IRA - It's a retirement account for you, where the contributions are taxed but the gains are not. However, unlike traditional IRA's you can pull the money out early without penalty for your or eligible family members higher education expenses, first time home purchase costs, as well as other non-penalized withdrawals such as for disability or medical expenses, payment of insurance premiums if you are unemployed for over a year, and in some cases payment of back taxes.