Opening an IRA is a simple process. You’ll need to provide some personal information, including your birthdate and Social Security number, but that’s about it. Once your account is open you can take your account number and start earning free money to put towards your new IRA.
You can create an IRA online through a bank, brokerage firm or other third-party provider.
If you already have a 401(k) or other retirement account, check out our Top 9 Top IRA Savings Websites list to compare savings options and investments.
Ready to start? Find the account you want to open and follow the easy step-by-step instructions to get started.
The Roth IRA is Easy to Open for Non-Entrepreneurs
Are you a farmer, homemaker, or small business owner who wouldn’t want to open an IRA? Well, we’ve got news for you. The Roth IRA is completely eligible for all self-employed individuals. You have three options for contributing to an IRA:
According to websites like SoFi, contributions made to an individual retirement account (IRA) are automatically included in your wages. You can also make contributions to a SEP IRA or a SIMPLE IRA (money market account).
You can also make contributions to a SEP IRA or a SIMPLE IRA (money market account)
Just because you’re not self-employed, you can still earn tax-deferred income, pay tax on it, and withdraw it for you.
Any income you earn in any way, such as salary, dividends, interest, capital gains, or interest earned from your home or property, counts as income. These income streams do not have to be earned during the year to qualify for contributions to your retirement account.
You can easily contribute to a Roth IRA through any of the options listed above. If you’re unsure of which IRA is right for you, contact your financial institution or call us at 1-800-284-2439.
Your income will also be taken into account when you calculate what type of account you’ll use for retirement.
The Bottom Line on What IRA the Best for You?
The Roth IRA is an excellent choice for people whore not sure about contributing to an IRA. You don’t have to have any money working to contribute, and you earn any investments you earn in retirement.
If you’re already set up in an IRA and you don’t need the flexibility of an employer plan, the Roth IRA is an excellent choice.
If you’re interested in contributing to an IRA, and you’re looking for help navigating the process of getting started, we recommend checking out our Guide to Early Enrollment, which walks you through the steps necessary to set up a Roth IRA.