How to Open IRA
Learn how to open ira with our detailed step-by-step guide. Follow our easy instructions to get it done right.
Your Progress
0 of 6 steps completedStep-by-Step Instructions
1 Step 1: Choose Between Traditional or Roth IRA
Step 1: Choose Between Traditional or Roth IRA
Traditional: tax deduction now, taxed later. Roth: no deduction, tax-free withdrawals. Consider income and tax situation.
IRA Decision Guide Book
Detailed comparison of IRA types
2 Step 2: Select IRA Provider
Step 2: Select IRA Provider
Choose brokerage like Vanguard, Fidelity, Schwab based on fees, investment options, and minimums.
3 Step 3: Complete Account Application
Step 3: Complete Account Application
Provide personal information, beneficiary, funding source, and agree to terms online or by paper.
4 Step 4: Fund Your IRA
Step 4: Fund Your IRA
Transfer money from bank, rollover from 401(k), or set up recurring contributions (max $7,000/year for 2024).
5 Step 5: Choose Investments
Step 5: Choose Investments
Select investments: target-date fund (easiest), index funds, ETFs, or individual stocks based on age and goals.
Bogleheads Investment Guide
Book on simple, effective investing for retirement
Investment Selection Course
Online course on choosing retirement investments
6 Step 6: Set Up Automatic Contributions
Step 6: Set Up Automatic Contributions
Automate monthly deposits to maximize contributions and benefit from dollar-cost averaging.
Retirement Planning Software
Tool for tracking retirement account progress