Make contributions with money you may be able to deduct on your tax return. With a Traditional IRA, transactions in the account are not subject to tax while still in the account. Upon withdrawal, amounts are subject to federal income tax.

Make contributions with money on which you’ve already paid taxes. Money in your Roth IRA can potentially grow tax-free, including tax-free withdrawals, provided that certain conditions are met.

A defined contribution plan, which allows employers to make contributions to individual employee accounts (similar to IRAs). Employees may also make pre-tax contributions to these accounts.