Would You Please Tell Me How Many Types Of IRA Are There? Please Explain All These Types.

IRA is a retirement program that permits one to chip in a partial annual amount toward one's retirement; taxations on the interest gained in the account are postponed. If we have a look at the types of the IRA we find that there are five major categories of IRA and these are:
1. Traditional IRA
2. Educational IRA
3. SEP IRA
4. Simple IRA
5. Roth IRA

With the help of the traditional IRA one can chip in or contribute a quantity and get the current deduction from the chip in or the contribution. One can withdraw or extract amount from this contribution when one reaches a certain age; these extractions are not free but taxable. The advantage of this IRA is that there will be no taxes to pay for the stored amount till it is withdrawn.

With the help of the second type of IRA one can save sufficient amount that can further be used for one's higher education. If the kid is under eighteen then the parents can add nondeductible chip in. The third type is the basic pension of the employee. The Simple IRA can be the retirement program patronized and administered by the employer. The last type provides the facility of having nondeductible contributions.

I am 63 years of age and currently have my life's savings in an IRA after losing much money in the market this past year.  I am currently yielding 4.26% on a 7 month fixed IRA CD.
It is coming due later this month.  The rates are currently low.  What would you suggest I do?
I want to keep the money in the bank as I am gun shy about anything else.