Thank you for the responses. I am still spending my time trying to think it through it and fully understand it.

So now, I am questioning then why you would want to have a savings account, if you can either save by putting money on a IRA or a brokerage app like Robinhood? What if I don't want to retire by 70 but way earlier? Will I still get a penalty?

Then why creating a retirement account if I know I don't want to retire that late? So, maybe I only need a savings account and an investment account like Robinhood? Oh right someone mentioned because you don't pay as much taxes, but during this time learning, I have seen some posts that talk about donating to non-profits will also help you to not pay as much taxes? Thank you so much guys for reading.