A traditional IRA is a type of individual retirement account in which individuals can make pre-tax contributions and the investments in the account grow tax-deferred.
Contributions you make to traditional IRA may be fully or partially deductible, depending on filing status & income. Amounts in your account are not taxed until you take a withdrawal.
Anyone who earns taxable income can contribute to traditional IRA. If you (or your spouse) contributes to a retirement plan at work, then there are income limits.
For 2023, the annual contribution limit for a traditional IRA is $6,500 or your taxable income, whichever is lower. If you are 50 or older, the contribution limit is $7,500.
Any deductible earnings & contributions you withdraw from traditional IRA are taxable. At age 59½, you can withdraw money from your traditional IRA. RMD have to start at age 72.
If you take money from traditional IRA before you reach age 59½, might have to pay an additional 10% tax for early withdrawals, unless you qualify for an exception.