If you expect not to spend the contents of your IRA during your lifetime and would like to leave the money to your children, you should contribute primarily to a Roth IRA rather than a traditional IRA. True False As a general rule, it is wise to contribute to a traditional IRA if you expect to be in a higher tax bracket when you retire than you are in now and contribute to a Roth IRA if you expect to be in a lower tax bracket when you retire than you are in now. True False Imagine that your mother is 62 years old and planning to retire at 66. If she puts $6,000 into a Roth IRA at the age of 62 and it grows to $8,000 by the time she retires at 66, can she withdraw the full $8,000 without paying any taxes? Yes No You can always withdraw the money you have contributed to a Roth IRA without paying taxes on the withdrawal because you have already paid taxes on the original contribution. If you are younger than 59 and a half years old and opened your Roth IRA at least five years ago, you can also withdraw up to $10,000 of your Roth IRA earnings (that is, money earned from your contributions) without paying any taxes on the earnings as long you: Earned less than $100.000 the previous year Are currently married Moved out of your parents' home in the last 12 months Were Employed at the time of the withdrawal Are Buying your first home