By eHow Personal Finance Editor
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There are two different types of IRA's, the Roth IRA and the Traditional IRA. There is a maximum contribution limit each year and if you are over the age of 50 you can make additional or catch up contributions. On a Traditional IRA all interest, dividends and capital gains are tax-deferred until the money is withdrawn and the advantage to a Roth IRA is that you pay taxes up front only.
eHow Personal Finance Editor