human
I'm having trouble deciding between the two major types of IRAs. What are they?
assistant
The two major types of Individual Retirement Accounts (IRAs) are Traditional and Roth IRAs. Traditional IRAs allow you to defer taxes on your income, while Roth IRAs do not. Additionally, contributions to a Traditional IRA may be deductible from taxable income, but withdrawals in retirement are tax-free, whereas withdrawals from a Roth IRA are taxed as ordinary income.