Traditional IRA - A tax-deferred account. Meaning you will pay taxes when you make withdrawals in retirement. Deferring taxes means your savings compound and your balance grows each year without being taxed. Uncle Sam will collect payment at time of withdrawal, when theoretically both your income and tax burden will be lower. If you are under 701/2 years old and earned taxable income you are eligible to contribute. you must start making withdrawals after you reach age 70 ½.
I am not a financial advisor. I hold no fancy degree and as such this is not financial advice. Seek the advice of a professional.