Putting money into an IRA helps you save for retirement and get tax breaks at the same time. While there are several types of Individual Retirement Accounts, you’ll most commonly hear about ‘Roth’ and ‘Traditional’ IRAs. IRA’s are accounts that you can open on your own at financial institutions, brokerage firms or mutual fund companies, and your investment options will include mutual funds, stocks, bonds and more. The primary difference between Traditional and Roth IRAs is when you pay taxes on them. With a traditional IRA, you might be able to deduct all the money you put into the account from your yearly taxes and you won’t have to pay income tax on it or your investment earnings until you start withdrawing funds after age 59½. At that time, you’ll pay a tax rate based on your annual income. With a Roth IRA, you pay income tax on the money before adding it to your account, but when you start withdrawing the money after 59½, you won’t have to pay income tax on either your contributions or any of your investment earnings. Visit irs.gov to find information about current IRA contribution limits.