The traditional IRA is one of the most common IRAs available. This type of IRA is funded with pre-tax contributions or rollovers, and the tax on contributions and growth (interest) is deferred until withdrawn.
The Roth IRA is another popular tool utilized in planning for retirement. Roth IRAs are funded with after-tax contributions and rollovers. The money is taxed before being contributed, and then you can receive contributions and qualified earnings tax-free upon withdrawal.