An IRA is a retirement account you open yourself at a bank or brokerage. A traditional IRA may offer tax-deductible contributions with taxes paid on withdrawal; a Roth IRA is funded with after-tax money and qualified withdrawals in retirement are tax-free.
IRAs have annual contribution limits and income-based eligibility rules that change over time — check current IRS limits when planning. They’re commonly used to supplement a workplace 401(k) or to receive rollovers from old employer plans.