As of January 1, 2013 the annual contribution limit is $5,500 (under the age of 50) and $6,500 (age 50 and older). The annual limit applies collectively to both Roth and Traditional IRA’s.
Contributions may be fully tax deductible if you are NOT an active participant in an employer retirement plan or your income does not exceed certain limitations. Investments grow on a tax deferred basis. Distributions must begin at age 70½. Contributions and earnings are taxed only upon withdrawal.