Once you're maxed out what you can contribute to your 401(k)—at least enough to qualify for your employer's match—and you're looking for tax-advantaged savings for the future, see what a Roth IRA can do for you.

A Roth won't help your current tax bill—it's funded with after-tax dollars—but it's great for your future. The money in your Roth, the funds you put in and everything it earns, can be tax-free forever. Start young and get decades of tax-free earnings.

You can contribute up to $5,500 to a Roth, or $6,500 for those over 50, or up to your earned income, whichever is less. (Invest for 2013 until April 15.) You can withdraw contributions tax-free after five years; best bet is to leave it all there until you need a home down-payment or something else important. Once you are 59 1/2, it's all tax-free, forever. There are no required payouts; the money remains for you and your heirs.