human
I need to learn about the different types of IRAs.
assistant
There are two main types of Individual Retirement Accounts, Traditional and Roth. The Traditional IRA allows you to contribute pre-tax money up to a certain limit each year. With the Roth IRA, contributions are made with after-tax dollars, but withdrawals are tax-free. Both types of accounts have different contribution limits depending on your income level. You may also be eligible for other retirement accounts such as 401(k)s or SEP IRAs. It's important to understand the differences between these accounts so that you can make the best decisions for your financial future.