I'm in my mid 20s and opened up my first retirement savings this year, in the form of a private Roth IRA (having nothing to do with an employer or paychecks). From the research I did beforehand, I learned the basic difference of the Roth is that you pay taxes on contributions but the final amount you withdraw in retirement is completely tax free.
So here's the question... when do I actually pay taxes on my contributions? Currently I have had a $100 automatic transfer going from my bank account into the IRA each month.
Remember when answering this question, my Roth IRA has nothing to do with an employer or my paychecks. It's a private account that I simply send money to each month directly out of my checking account.