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 may grow tax-deferred until withdrawal, typically during retirement when individuals may be in a lower tax bracket. Withdrawals from a Traditional IRA are taxed as ordinary income, and penalties may apply for early withdrawals before age 59½. Individuals can contribute up to a certain limit each year, and the account is subject to required minimum distributions (RMDs) starting at age 72.