LB, not true, IRAs were established by legislation passed in 1974. Traditional individual retirement accounts (IRAs) first became available in 1975. The Roth IRA has been around the block. Most people don't know that the Roth IRA originally started with the Tax Relief Act of 1997, named after late Senator William Roth of Delaware. Roth IRA, IMHO, is the greatest single invention for those who hates to pay taxes. The key is start early and contribute the max as soon as one has earned income as one can't use investment income as IRA contribution.