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The IRA is a tax-deferred savings account that allows individuals to save for retirement. The account grows tax-free, and withdrawals are taxed at the individual’s current income tax rate. There are two types of IRA’s: the traditional IRA and the Roth IRA. The traditional IRA is funded with pre-tax dollars, while the Roth IRA is funded with after-tax dollars. Legislation enacted in 2001 and 2004 increased the contribution limit for both types of IRA’s. For 2020, the contribution limit is $6,000 for those under the age of 50, and $7,000 for those 50 and over.