Individual retirement accounts (IRAs) are a common source of income among retired workers, and a recent survey from MassMutual suggests that IRAs are even more popular among current workers. In general, there are two main account types: traditional and Roth. Both have pros and cons, but Roth IRAs are particularly attractive because they allow for tax-free withdrawals without required minimum distributions.

That means Roth IRA accountholders are never forced to draw on the balance of their accounts, and any funds they withdraw are subject to neither income tax nor capital gains tax, provided certain conditions are satisfied. Namely, the account holder must be at least 59 1/2 years of age, and the account itself must be at least five years old.

Read on to see the updated Roth IRA contribution and income limits in 2024.

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Source Fool.com