Choose the type of IRA: Traditional IRA or Roth IRA
Check your eligibility based on income and tax filing status
Decide where to open the IRA: bank, brokerage, credit union, or robo-advisor
Compare fees, investment options, and account minimums
Gather required information: Social Security number, ID, address, employment details, and bank account information
Open the account online, by phone, or in person
Name a beneficiary
Fund the IRA with a transfer, rollover, or contribution
Select your investments
Set up automatic contributions if desired
Review contribution limits and tax rules each year
Monitor and rebalance the account periodically