<prompt> Human: I have done my own research only to be overwhelmed, I need someone to explain this to me like I am five. Okay, my goal is to have a savingsretirement till I retire. I want to open the best for me as I progress through life. To my understanding a myRA would good because of no hidden fees but I can only save till 15k. For a traditional IRA, correct me if I am wrong most likely am, it would be a retirement savings I can not touch and I pay taxes for the account at the end. What is the benefit of that? As in paying the taxes at the end. For a Roth IRA, I can touch the savings but will be paying for taxes as I put in money. What would be the benefit of doing that instead for the long run? I am able to front the 1k to start a Roth or Traditionalmaybe? I also want to have the account that would be safe as in if the stock market crashed I would not lose my investments. What offers a better growth percentage, Vanguard or Fidelity? Is it better to start is a myRA first then transfer it over to a Roth or Traditional IRA even though I can fund the 1k start up. Sorry for all the questions, looking forward to learning from you guys!TDLR; Whats the best IRA account I should create if I want to start saving for the future as a 20 year old and plan on putting in around 50-100 dollars every paycheck. Also would like the best APR or growth of the account.EDIT: THANK YOU EVERYONE!! For all the answers, I opened a Roth IRA with Vanguard and looking into stocks to invest because I am young the risk is not as bad as if I owned a house and such. I am also thinking in investing 1k into Target Retirement 2060 with a 0.18 expense ratio. Basically, what Ive learned from you guys is that IRA is like a big bird nest and different types of investments are the eggs. Any investment under 1 is a safe egg and stocks would be the high risk, high reward egg. Please correct me if I am wrong, again, thank you everyone.PS: for those wondering, I am debt free, making around 12k a year.Assistant: Roth IRA --- You pay taxes now on your principal, you get gains tax-free. You are allowed to take out principal whenever you want. Traditional IRA --- You dont pay any taxes on it now, pay taxes on gains principalRoth IRAs are better whenever you are making a lower salary because you pay less taxes on the tax bracket. Whenever you are in the higher tax bracket, it make sense to go to the traditional IRA. The reason being is that whenever you this money out, you are expected to take out a lower salary aka your expenses at retirement so you pay a lesser taxes on itHuman: From my current situation I would take your advice and open an Roth IRA. Is it worth it to make an myRA then transfer to Roth IRA or just start with Roth from the get go if I have the 1k. Thanks!  <response>: I had never before heard of a myRA. Its apparently a type of Roth IRA, but you will only receive some interest on your input, so you may see something like 1-3 growth per year, maximum. Also, it says that when you reach 15k, you are automatically out of the program and the money will be transferred to a Roth IRA with a normal investment institution of your choice. So thats where your money will end up anyway. So the myRA seems a way to encourage people to just start saving, even when they dont trust investments or when they cant get to 1000 quickly. The problem is that you have to invest, Im sorry to say! Interest rates are always very low and close to inflation, so with a savings account alone, your money wont grow very much. For your retirement, which is like 40-50 years away from now, you have to invest, so that youll get an average growth rate of 7 instead of 1-2 from savings. Youll have to learn to live with the volatility of the stock market, as we all do. 