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, credit unions, or robo-advisors
Gather required information such as your Social Security number, ID, address, and employment details
Open the account online, by phone, or in person
Select your IRA funding method: bank transfer, rollover, or contribution
Make your initial deposit
Choose your investments within the IRA
Set up automatic contributions if desired
Review fees, investment options, and account rules regularly