A 401(k) gets a lot of attention when it comes to retirement accounts (rightfully so, in many cases), but it's not the only great option. IRAs are also great choices and can be the perfect complement to your 401(k) or other retirement income sources like Social Security.
Roth IRAs, in particular, are great options because of their unique tax breaks. You contribute after-tax money and then have the chance to take tax-free withdrawals in retirement. It's a tax break that can easily save you thousands.
Unfortunately, Roth IRAs aren't the easiest retirement accounts to understand because of their rules, but fear not -- we're going to debunk a few Roth IRA myths that hopefully clear up some confusion.

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Myth 1: A Roth IRA is tied to an employer like a 401(k)
One of the beauties of a Roth IRA is that it's not connected to an employer like a 401(k). Anyone can contribute to a Roth IRA, as long as it's with earned income.
For example, if you receive a paycheck or self-employment income, that money is eligible to be contributed to a Roth IRA. However, money from sources like Social Security or investment interest is not.
Myth 2: You can't withdraw from your Roth IRA until retirement
Ideally, you'd keep the money in your Roth IRA until retirement, but you don't have to. You can withdraw your contributions -- but not earnings -- from a Roth IRA at any time without worrying about an early withdrawal penalty.
Let's say you contributed $10,000 to your Roth IRA and the balance has grown to $11,000. In this situation, you could withdraw the $10,000 at any time, but not the $1,000 you earned in interest.
Once you hit age 59 1/2 and have made your first Roth IRA contribution at least five years prior, you can withdraw earnings tax-free and without penalties.
Myth 3: You have to start withdrawing from your Roth IRA at a certain age
Accounts like 401(k)s and traditional IRAs give you an up-front tax break via tax deductions, but you must pay taxes on withdrawals that you make in retirement. Beginning at age 73, these withdrawals are mandatory (called required minimum distributions).
Since you contribute after-tax money in Roth IRAs, you don't have to worry about taxes when you make withdrawals in retirement. This eliminates the need for required minimum distributions. You can keep your investments (and cash) in a Roth IRA as long as you like, and even pass it on to an heir once you pass away.
Myth 4: High earners can't have a Roth IRA
There are indeed income limits to be eligible to contribute to a Roth IRA. If you're single or the head of household, the income limit is $165,000; if you're married and filing jointly, the limit is $246,000; and if you're married and filing separately, the limit is $10,000.
However, if your income is above these limits, you can still utilize a Roth IRA via the backdoor method. This involves contributing to a traditional IRA (which doesn't have income limits) and then converting the account into a Roth IRA. Doing so will require you to pay taxes on the amount you're converting, but it could be well worth it because of the tax-free withdrawals you'll be able to receive in retirement.
Myth 5: Roth IRAs have limited investment options
One of the downsides of a 401(k) can be the limited investment options. Your 401(k) plan administrator provides you with investment options to choose from, so some individuals may find this limited.
With a Roth IRA, you can essentially invest in any stock, exchange-traded fund (ETF), or bond that you could in a standard brokerage account.
Having an abundance of investment options helps ensure that your investments match your investment style, risk tolerance, and time horizon. Whether it's a stock you're excited about, an industry-specific ETF, or Treasury bonds, you can invest it in your Roth IRA.