Starting in 1998 most people will be able to establish a New Roth IRA.

Highlights
After Tax retirement savings plan
All gains are not currently taxable
Distributions are federally tax free
No required distributions
Can continue to contribute after age 70 1/2
Can contribute even if you are in a qualified plan (income phase outs apply)
Penalty free withdrawals for certain qualified uses

Who should consider the Roth Ira?
Any person who is concerned with their retirement income. Roth IRAs are available to most investors with earned income at least equal to the amount contributed.  The maximum that may be contributed depends on the investor's adjusted gross income.

What you can contribute:
 

Adjusted Gross Income in 1997          Annual Contribution Limit

Married: (filing a joint return)
                                     $150,000 or less                                     $2000.00 each
                       $150,001 - $159,999                               $200 - $1990 each
                       $160,000 and over                                 No contribution

For the 1998 tax year you have an incentive to "roll" a traditional IRA to a Roth IRA.
For this year only, you will be able to move your IRA to the Roth IRA and be able to spread the taxes over a four year period. For example, if you currently have $100,000 in a IRA, you can convert it to a Roth and pay tax on $25,000 for the next 4 years. You will be able to convert traditional IRAs in later years, but the whole tax liability will be due in that year.