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 or brokerage to open the account
Gather required personal information such as name, address, Social Security number, and employment details
Complete the IRA application online or on paper
Decide how much money to contribute initially
Fund the IRA by bank transfer, check, or rollover from another retirement account if allowed
Choose your investments within the IRA, such as mutual funds, ETFs, stocks, or bonds
Set up automatic contributions if desired
Review account fees, investment options, and contribution limits
Monitor and adjust your investments periodically