Anyone in their 20s should consider a Roth IRA, according to certified financial planners.

Starting with a Roth individual retirement account is a wise move for those in their 20s who are new to investing.

Eustache Clerveaux, a certified financial planner and senior analyst at Hudson Financial Group, states that it's a "no-brainer" for "anyone in their 20s."

Younger investors who don't earn a lot of money early in their careers are attracted to Roth IRAs due to their unique benefits.

Here's a look at five key advantages.

1. It's a smart alternative to a 401(k)s

Prioritizing a 401(k) with matching contributions is beneficial because the employer's contributions essentially provide free money that grows over time, even with a Roth 401(k).

For those without access to a workplace plan, a Roth IRA can be a beneficial option for building wealth. Similar to a 401(k), Roth IRA contributions benefit from compound interest, allowing your money and its returns to grow together over time.

Unlike traditional 401(k)s, Roth IRAs require you to pay taxes on contributions upfront, but your investments grow completely tax-free.

2. Younger investors are less likely to hit Roth IRA income limits

Another advantage of beginning to invest in your 20s is that you may be eligible for a Roth IRA. Contribution eligibility is determined by income, and since you are just starting your career, you are less likely to exceed the income limits.

In 2024, eligibility for contributing directly to a Roth IRA begins to phase out for single filers with a modified adjusted gross income of $146,000 and for married couples filing jointly with a modified adjusted gross income of $230,000. Once your income exceeds $161,000 as a single filer or $240,000 as a married couple filing jointly, you lose eligibility to contribute directly to a Roth IRA.

3. Tax-free withdrawals

Withdrawals from Roth IRAs are tax-free and penalty-free since contributions have already been taxed. You can withdraw them at any time, regardless of age or account length.

"Roth IRAs can be used as a secondary emergency fund or to support future needs like education or a first home, thanks to tax-free withdrawals on contributions," says Gucciardi.

Withdrawals in retirement can be tax-free if certain requirements are met, such as being at least 59½ years old and having the account open for at least five years.

The tax-free treatment offers greater certainty about retirement funds, as it shields you from unpredictable future tax rates.

4. Your age likely favors tax savings

It's best to pay taxes on Roth IRA contributions in your 20s when you're just starting your career and in a lower tax bracket.

You can secure today's lower tax rate by contributing to a Roth IRA, which enables your investments to grow tax-free. When you withdraw from your Roth IRA in retirement, you won't owe taxes, regardless of your future income or tax bracket.

According to William Michael Lofley, a CFP in Florida, if you have the option to pay taxes at 12%, 22%, or 24% now instead of 35% or 37% later, it is mathematically advantageous to choose the lower rate now.

5. It's harder to max out contributions earlier in your career

Although Roth IRAs have a lower contribution limit of $7,000 ($8,000 for those over 50) compared to accounts like 401(k)s, their simplicity and accessibility make them appealing to younger savers just starting out.

Even though maxed-out contributions at $583 per month may not be feasible for many early-career professionals due to other critical expenses such as student loans, rent, or saving for a home, smaller contributions can still accumulate over time through the power of compounding interest, says Jim White, a CFP in Pennsylvania.

To accumulate wealth, you may require additional accounts as your income increases, but initially, a Roth IRA provides a straightforward and tax-advantaged approach to begin.

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