Traditional IRAs offer tax-deferred growth, meaning you pay taxes when you withdraw the money in retirement. Roth IRAs provide tax-free growth, meaning you pay taxes on contributions now but withdrawals in retirement are tax-free.

For 2023, the annual contribution limit for both Traditional and Roth IRAs is $6,500 if you're under 50, and $7,500 if you're 50 or older. These limits are subject to change based on inflation adjustments.

You can start making penalty-free withdrawals from your Traditional IRA at age 59½. For Roth IRAs, you can withdraw your contributions at any time without penalty, but earnings are tax-free only after age 59½ and if the account has been open for at least 5 years.

Historically, the stock market has returned about 7-10% annually on average. However, returns can vary significantly year to year. Conservative portfolios might average 4-6%, while more aggressive portfolios might aim for 8-10%. It's important to align your expectations with your risk tolerance and investment strategy.