How and where to open an IRA?

How and where to open an IRA?

Individual retirement accounts or IRAs are an important tool that will help you save and invest for retirement.

You can open an IRA online by following a few steps.

Determine what kind of investor you are so you know if you should set up an IRA with an online broker or a robo-advisor.

Once you’ve identified your investing style, the next step is choosing a provider that fits your preference.

Post that, opening your account is pretty easy.

Head to the provider’s website, choose the type of IRA you want to open (Roth or traditional) and fill in some personal details.

Once you’ve decided where to open your account, you’ll need to select how you want to fund it.

This is usually done by transferring funds from a bank account or transferring existing IRA assets.

Remember that IRAs have an annual contribution limit of $6,000 and $7,000 if you are aged 50 or older.