Opening an IRA is a great way to save for retirement, but the type of account you choose can have a huge impact on your finances both immediately and in the future. The problem, however, is that most Americans don’t understand the key differences between the two most popular account types — the traditional IRA and the Roth IRA. In a recent TIAA survey, 56% of Americans admitted to thinking that all IRAs are the same, but this couldn’t be further from the truth.