Traditional IRA
With a traditional IRA, contributions you make in a given year may be tax-deductible. Once distributions begin in retirement they’re taxed like regular income. Anyone who has earned income or a spouse with earned income (if you file jointly) can contribute. After you reach age 73 you must begin taking required minimum distributions (RMDs). If you expect to be in a lower tax bracket during retirement, a traditional IRA may be right for you.