Choose the type of IRA you want: Traditional IRA or Roth IRA
Check your eligibility based on income and tax filing status
Select a financial institution such as a bank, brokerage, credit union, or robo-advisor
Gather required personal information such as Social Security number, date of birth, address, and employment details
Complete the IRA application online, in person, or by mail
Designate beneficiaries
Fund the account with a transfer, rollover, or new contribution
Choose your investments within the IRA
Review account fees, contribution limits, and tax rules
Keep records of contributions and account statements