What hardworking doctor doesn’t look forward to a comfortable retirement? Getting from thriving career to contented retirement takes planning, patience, discipline, and a good understanding of the retirement vehicles available to you.

Individual retirement accounts, or IRAs as they are most commonly known, are a good place to start. These retirement vehicles were formed to encourage people to set aside money throughout their working lives. They offer several tax and savings advantages, but not all IRAs are the same.

Roth IRAs have some distinctive characteristics compared with traditional IRAs. According to the Internal Revenue Service (IRS), although you cannot deduct Roth IRA contributions for tax purposes, you can receive qualified distributions tax-free if you are able to satisfy all the requirements. The account must also be designated as a Roth IRA from the time of its inception.

As further explained by CNBC, one of the great advantages of the Roth IRA is that the investments within the account grow tax-free and withdrawals that are not growth earnings can be taken at any time without penalty. It is smart to start saving in a Roth IRA when you are young and can expose yourself to stock market risk. Also, like all compound interest strategies, time will help you grow your wealth through compounding of the interest earned.

Some things to keep in mind with a Roth IRA is that there are savings limits. Physician investors can put $6,000 into a Roth IRA in 2021 (this limit is a total for all Roth and traditional IRAs). Those over the age of 50 can save an additional $1,000. The income you invest in your Roth IRA must be from work earnings—or what the IRS terms taxable compensation. You must also be eligible to contribute to a Roth IRA by having a modified adjusted gross income (MAGI) of $140,000 for single tax filers or $208,000 for married tax filers.

To confirm that you are adhering to all the requirements of a Roth IRA when you establish it, it is wise to enlist the help of a reputable financial advisor, preferably a fiduciary who is obligated to work on behalf of your best interest.