An individual retirement account, or IRA, can be a highly effective way to save and invest for retirement. The tax-deferred nature of these accounts can allow savers' money to grow and compound far more efficiently than in a standard taxable brokerage account. There are two main types of IRAs to choose from: traditional and Roth.
With that in mind, here's an in-depth look at the differences between the two main types of IRA, the qualifications for each one, and what you need to know about how these accounts work.
Matthew Frankel, CFP | The Motley Fool