One of the "grand old men" of the U.S. Senate in the modern era was William Roth, the late lawmaker from Delaware. Senator Roth championed tax-advantaged retirement savings options to assist American workers in preparing for a secure retirement. The Roth IRA, provisions for which were enacted in 1997 and became effective in 1998, was named for him as a tribute to this legacy.  

The chief characteristic that distinguishes the Roth IRA from the familiar Traditional IRA is the absence of a current-year tax deduction, while offering the potential for tax-free earnings in the future. 

This benefit is earned after a five-year period, and when the taxpayer satisfies one of several other qualifying conditions, which include reaching age 59 ½, making a first home purchase, becoming disabled, or upon death.