An IRA or a Traditional IRA is a type of tax-advantaged retirement account that you typically fund with pre-tax money. This allows you to deduct contributions from your income, lowering your income tax for that year. The earnings grow tax deferred, but you have to pay tax on the money you withdraw in retirement.
For complete details, check out: What is a Traditional IRA – and Should You Invest in It? A Simple Explanation for Kids
