How to Open an IRA: A Step-by-Step Guide

In order to open an IRA, there are a few different steps that you are going to have to complete. Here are the basics of how to open an IRA successfully.

1. Locate a Broker

The first thing that you need to do is find a broker to work with. Most financial brokers have access to retirement accounts such as IRAs. You will want to shop around and make sure that you get the best deal. All of them are going to have different fee structures and incentives. Some brokers will not charge you an annual fee, so you might want to try to find one of those brokers to work with.

2. Apply

Once you decide on a broker to work with, you will need to fill out the application forms. In most cases, you should be able to access an application directly from the broker's website. You will need to provide them with information such as your name, address and Social Security number. You will need to provide them with a copy of your ID, such as your driver's license.

3. Fund the Account

You will then need to fund your account. You may be able to send them a check, give them a credit card number or transfer funds directly from your bank account.