How do I open an IRA?

You can open an IRA through a bank, an investment company, an online brokerage, or a personal broker. Individual retirement accounts (IRAs) are retirement savings accounts with tax advantages. Types of IRAs include traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plan for Employees (SIMPLE) IRAs.

Can you open an IRA if you have a retirement plan?

However, anyone with a retirement plan at work can also open an IRA and invest additional savings with it. You can open an IRA through a bank, an investment company, an online brokerage, or a personal broker. Individual retirement accounts (IRAs) are retirement savings accounts with tax advantages.

What is an IRA & how does it work?

For the Internal Revenue Service, the term stands for "individual retirement arrangement," a selection of plans available that provide tax advantages to people saving for retirement. In common usage, IRA also stands for "individual retirement account," or a type of plan that one can pay into throughout their career and withdraw from in retirement.

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