We're hearing a lot about IRAs lately, what with pension plans sucked bone-dry by the stock market and bank-failure debacle. So we thought it would be helpful to understand what IRAs really are and how many different kinds are out there.

An individual retirement account, or IRA (not to be confused with your bubbie's other grandson), is essentially a retirement plan that allows you, the taxpayer, to set aside funds, usually tax-deductible, for your golden years. And you can generally invest those funds in whatever you like: stocks, bonds, real estate, mutual funds, etc.  There are seven different kinds of IRAs, although two of them - the Rollover IRA and the Conduit IRA - are now considered obsolete. Here's a brief rundown on one in particular: the Roth IRA.