Traditional IRA

 There are different choices in taxes related to this IRA. You can choose to pay taxes before the money is put into the account or to pay taxes when the money is withdrawn for retirement. You will have to pay taxes on the interest upon withdrawal no matter what.
 You can invest up to $2000 each year into your IRA. This can be a lumps sum or you can put money in small amounts at a time. Your IRA can hold cash, but it can also have stocks and bonds invested as well.
 There are age restrictions put on a traditional IRA, you cannot take any money out before you reach the age of 59 ½ without penalties. If you retire earlier than 59 then you are sometimes able to make an exception.
 If you reach the age of 70 ½ and you have not made any withdrawals then there will be a mandatory withdrawal or a penalty. You have to tap into the money before the age of 70 ½ even if you are still working.
 Traditional IRAs are available through your bank, credit union, insurance company, a brokerage house, or even investment firms.
 The money in your traditional IRA can be rolled over into another account or it can be directly transferred into another, as long as it is another retirement account. Either way that you choose to move it there are likely to be some sort of fee or charge for the transaction.
 There are different brackets that people fit in for IRA qualifications. Your income is what determines the bracket that you are in, but note that any income that comes from investments doesn't count towards your income for your qualification.

Roth IRA

 You are paying some taxes now, and then none upon withdrawal. This means that you pay taxes on the contributions that you make into your account, and that it collects interest without added taxes. This means that it can grow bigger without you paying any more. There are some requirements for withdrawals for this to continue and be so advantageous to you.
 You do not have to start withdrawing your money at 70 ½ and you also have the option of continuing to invest after that age too. If you want to you can continue to invest in your IRA until you die, then your account must be allocated where it belongs.
 You are able to do rollovers in between Roth accounts, but only between Roth, not with others.
 There is a $2000 a year limit to your contributions. This means $2000 between all of your accounts, not $2000 for each account.
 You can convert your traditional into a Roth if you pay the taxes that are necessary.
 There are also qualifications for a Roth, so you will need to find out where you qualify to see what will be your best benefit.