A traditional IRA is

A traditional IRA is a lot like a Roth IRA except that there are no income limits – anyone can open one. You have to pay income taxes on the money you take out in retirement. However, if your workplace doesn’t offer a retirement plan, then the first $5,500 you contribute to a traditional IRA is tax deductible (with a few loopholes, as there always are with these things). You can make non-deductible contributions to a traditional IRA, too, meaning you pay taxes on your contributions now, but taking advantage of that requires a lot of bookkeeping