can anyone explain an IRA in layman’s terms?

diana asked: I’m thinking about buy whole life insurance, but have heard from a few people that an IRA is anothe option that may prove to be more successful as far as “saving”.
1.What are typical interest rates of an IRA
2. can I borrow against it as I can with a whole life insurance [...]

How soon after you get a whole life insurance policy can you borrow against it?

indrep33 asked: Also, does anyone know about the tax penalties that come with borrowing against your policy?whole life insurance