Though IRAs have been around for more than four decades, many people are still ill-informed about how they work. In a recent TIAA study, more than half of Americans admitted to not knowing the difference between a Roth and traditional IRA. If you're nearing retirement, it's especially critical that you get your facts straight, as you may come to rely on your IRA as a crucial source of income down the line.A good 41% of workers aren't offered an employer-sponsored 401(k) plan.