An IRA, or Individual Retirement Account, is a type of investment account that is designed to help individuals save for retirement.

There are several different types of IRAs, including but not limited to traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Each type has its own set of rules and regulations regarding contributions, withdrawals and tax implications.

The two most versatile types of IRAs are the traditional IRA and Roth IRA. Typically, SIMPLE IRAs are set up by small business owners, as an alternative to a 401(k) plan and SEP IRAs are set up by self-employed individuals who want to contribute above and beyond the traditional IRA and Roth IRA contribution limits.