A Traditional IRA (Individual Retirement Account) is a type of retirement savings account that allows individuals to contribute pre-tax income, which can help reduce their taxable income for the year. Contributions to a Traditional IRA may be tax-deductible, depending on the individual's income and whether they have access to a workplace retirement plan. The money in the account grows tax-deferred until it is withdrawn during retirement. Withdrawals from a Traditional IRA are taxed as ordinary income, and individuals typically must start taking distributions by age 73. Early withdrawals, taken before age 59½, may incur a penalty in addition to regular income tax. This account is designed to encourage long-term savings for retirement.