With a Traditional IRA, your money can grow tax-deferred, but you'll pay ordinary income tax on your withdrawals, and you must start taking distributions after age 73. A rollover is a process that allows you to move funds from your previous employer-sponsored retirement plan, a 401(k), for example, into an IRA.

An Inherited IRA, or a Beneficiary IRA, is an account opened when someone inherits an IRA or employer-sponsored retirement account after the original owner's death. As a beneficiary, the funds can remain tax deferred, and you can generally withdraw money right away without penalty.

A Roth IRA is a retirement account that you've already paid taxes on. While you don't get a tax break the year you contribute, once invested, your money grows tax-free. After age 59½, you can withdraw your funds without taxes or penalties if the account has been open for at least five years.