[Individual Retirement Accounts (IRAs) come in various types, each offering distinct tax benefits and eligibility criteria. Traditional IRAs allow for tax-deferred contributions, meaning contributions are often tax-deductible, with taxes paid upon withdrawal during retirement. Roth IRAs, on the other hand, accept after-tax contributions, providing tax-free withdrawals during retirement. Additionally, there are other specialized IRAs such as SEP-IRAs (Simplified Employee Pension IRAs) for self-employed individuals and small business owners, and SIMPLE IRAs (Savings Incentive Match Plan for Employees) for businesses with fewer than 100 employees. Understanding the differences among these IRA types is crucial for individuals planning their retirement savings strategy.]