Choose the type of IRA you want: Traditional IRA or Roth IRA
Check your eligibility based on income and tax filing status
Compare providers such as banks, brokerages, mutual fund companies, or robo-advisors
Gather required information such as your Social Security number, address, employment details, and bank account information
Complete the IRA application online, by phone, or in person
Select your funding method: transfer, rollover, or direct contribution
Deposit your initial contribution
Choose your investments within the IRA
Set up automatic contributions if desired
Review account fees, investment options, and beneficiary designations
Keep track of annual contribution limits and tax deadlines