If you want your retirement account earnings to be tax-deferred, and in some cases, tax deductible, a Traditional IRA offers the savings you need. A Traditional IRA allows you to save for retirement effectively. Earnings are tax-deferred, and in some cases your contributions to the account are tax-deductible. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan. Speak with your tax advisor first when deciding on your savings plan.