{"id":1164,"date":"2007-06-07T06:20:59","date_gmt":"2007-06-07T13:20:59","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/2007\/06\/07\/how-to-start-a-roth-ira-and-where-to-do-it\/"},"modified":"2019-08-08T22:16:41","modified_gmt":"2019-08-09T05:16:41","slug":"how-to-start-a-roth-ira-and-where-to-do-it","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/how-to-start-a-roth-ira-and-where-to-do-it\/","title":{"rendered":"How to open a Roth IRA"},"content":{"rendered":"

You’ve heard how awesome Roth IRAs are and how starting one now can mean big bucks when you’re older. You’ve even done some research so you have a vague idea of how a Roth IRA works<\/a>. Now what? How do you actually open a Roth IRA for yourself?<\/p>\n

The good news is that it’s surprisingly easy to set up a retirement account and begin investing in your future. Here’s what to do…<\/p>\n

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<\/span>How to open a Roth IRA<\/span><\/h2>\n
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  1. Decide where to open your Roth IRA account. Financial services providers such as Vanguard or Fidelity will have IRA products.<\/li>\n
  2. Gather your information.<\/li>\n
  3. Transfer money into your account.<\/li>\n
  4. Set up an automatic investment plan.<\/li>\n<\/ol>\n<\/div>\n
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    <\/span>1. Where to Open a Roth IRA<\/span><\/h2>\n

    One of the reasons people fret about opening a Roth IRA is because there are so many financial institutions offering IRA products. It’s important to search for a company that suits your needs, but how do you evaluate each company’s strengths and weaknesses?<\/p>\n

    Consider reputable Advice<\/h3>\n

    If you already have an investment advisor, ask her for recommendations, but look at other options too. Some banks and credit unions also offer individual retirement accounts. My credit union, for example, has Roth accounts but they’re limited to certificates of deposit<\/a> at 1.50%.<\/p>\n

    <\/span>2. Gather Your Information<\/span><\/h2>\n

    Gather all your information in one location when you are ready to begin. Most firms provide online applications, but some still require that you download forms and mail or fax them to the company. (If you’re opening an IRA through a brick-and-mortar bank or broker, take this information with you.)<\/p>\n

    From this point, it’s just a matter of answering simple questions. The entire process should take about an hour of uninterrupted time. (Actually, you’ll probably only need 15 minutes, but allocate more time just to be safe.) Before you begin the application, make sure you have all the documents listed below:<\/p>\n

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    Here’s What You Need to Open an Account<\/h3>\n
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