[IRA, or Individual Retirement Account, is a type of savings account in the United States that offers tax advantages for individuals saving for retirement. It allows individuals to set aside money for the future, with various types such as traditional IRAs and Roth IRAs.] [Contributions to traditional IRAs may be tax-deductible, while Roth IRA contributions are made with after-tax dollars. IRAs often offer a range of investment options, allowing individuals to choose how their money is invested for potential growth over time. They play a significant role in retirement planning and can provide financial security during ones post-employment years.]