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a r Ira is an individual retirement account where you can invest after tax money however you want with the purpose to have the entire account taxfree when you retire another difference between this and a regular investing account is that you are limited on how much you can contribute into a raw Ira the limit is called the contribution limit and as of the Year 2024 that limit is $7,000 per year if you are under 50 where if youamp;#39;re over 50 you can contribute an extra ,000 which these numbers do go up over time and depending on the platform that you have your Roth IRA on it will also show you how much youamp;#39;ve contributed in previous years and what you can still contribute for the upcoming year and donamp;#39;t forget that with the Roth IRA you actually have 16 months to contribute into the account until mid April when taxes are due to actually contribute into that year so if itamp;#39;s March 2025 you can still contribute to the year of 2024 but itamp;#39;s important to u