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An Individual Retirement Account (IRA) is like a special savings account for your retirement. You contribute money while working, invest it in things like stocks or bonds, and let it grow until you need it after you stop working.
Think of it as a "future-you" piggy bank. Each month, you put in $100, and instead of just sitting there, it grows through investments—like planting seeds in a garden that turns into a big harvest by the time you retire.
The difference is when you pay taxes: Roth IRA taxes now, grows tax-free; Traditional IRA taxes later, saves on taxes now.
You put in money you’ve already paid taxes on, and it grows tax-free for when you retire.ment, and satisfaction.
You put in money before paying taxes, and it lowers your taxes now, but you’ll pay taxes when you take it out in retirement.
