Can someone tell me, as simple as possible, the pros and cons of an IRA and Roth IRA?

I like to contribute at least a $500-$1000 a year but I don't which one will be best for me. Are there any other investments I can put money into?

Roth IRA is much better. For example if you are 29 and invest $3000 a year into a traditional ira your contribution is tax deductable. If you are in a 33%(Federal&State combined) tax bracket you would have $1000 of tax savings a year and when you reach 59 1/2 you would have a total of $30,000 tax savings not paid to the IRS. Sound good. Let's say you got an average of 12% (typical mutual fund average)on the money you invested it would now have a balance of about $500,000. If you did not want to deplete the money and make it last you would have to withdraw the interest that this amount your earning. Let's say you are getting 10% which would mean your withdrawing $50,000 a year without depleting the retirement account. If taxes stay the same and don't go up 33% of that money would have to be paid to the IRS or about $15,000. In 2 years of retirement you pay back 30 years of tax savings. Imagine if you lived to 89 you would have ended up paying $450,000. How does that make you feel? What if you invested $3000 a year into a ROTH IRA. A ROTH IRA is different and allows to take out your money tax free during retirement because you fund it with after tax dollars. You would get to withdraw your $50,000 a year and not pay a dime of taxes. The catch is you don't get $1000 a year in tax savings. These are called qualified plans because they are qualified with the IRS. Do you want Uncle Sam planning your future. I would say a ROTH IRA is definitely much better because it provides you with more money at retirement which is the whole plan of setting up a retirement account anyway. It's not about how much interest your earning but how much interest your earning after taxes that really makes the difference. Also for the majority of people find themselves in a higher tax bracket when they retire for several reasons such as the mortgage is paid off and their kids have moved out of the house. This is your life and retirement plan and is something you should consider very carefully and research very thoroughly. I hope this helps!
Aloha

an IRA is an excellent choice as a first investment. i would recommend that you start with that. as for the difference between the Roth IRA and the IRA, the basic difference is taxes (everything comes back to taxes). in an IRA you put money into it before income tax and then pay tax when you take withdrawals, this is better if you have a high income now but think that you will have a lower income when you retire. depending on your age (younger being better) i would recommend going with the Roth IRA. you would then be making contributions after taxes and when you take the withdrawals later you would not be taxed on the gains on your investments. Also check out a compare and contrast from Vanguard. (I'd recommend then also because of the low fee's, something else to check out when picking a fund. for funds check out the ones that are targeted toward your retirement date, they shift the level of risk downward as you get closer to retirement and wants less risk. ) good luck!!

Simple as possible? When do you want to pay taxes on your account - today or 30 years from now?

IRA: Invest today, maybe get some tax back from the government today, pay tax when you take the money out in retirement.

Roth IRA: Invest today, get no money back from the government today, pay no taxes when you take the money out in retirement.

FYI: IRAs and Roth IRAs are not investments. They are accounts in which you buy investments. If you have more than 10 years before you plan on retiring, you might consider putting the money in a Roth IRA and buying pieces of two or three quality businesses (stocks) or shares in an Exchange Traded Fund (ETF).