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Build Your Wealth.
Starting now.
Starting now.
An IRA is a personal retirement account you own, no employer needed. Here is what you need to know, where to open one, and how to get started.
Understand Your Options First
There are two main types of IRA and both are worth knowing. You can open one or both depending on where you are in life. The annual contribution limit is $7,500 combined across both types in 2026, but if you are age 50 or older, you have an option to "catch up" and boost your contributions.
Roth IRA
Pay taxes now. Withdraw tax-free later.
You contribute money you have already paid taxes on. Your investments grow completely tax-free and you owe nothing when you withdraw in retirement. The earlier you start, the more powerful this becomes.
Best for: Earlier in your career, lower income now, or anyone who wants guaranteed tax-free income in retirement.
Traditional IRA
Deduct now. Pay taxes later.
Contributions may be fully tax-deductible the year you make them — reducing your taxable income right now. Your money grows tax-deferred and you pay ordinary income tax on withdrawals in retirement.
Best for: Higher earners now, those closer to retirement, or anyone who needs a real tax break this year.
Thinking about the long game? As you get closer to retirement, having a balance of both account types gives you flexibility. With a Roth you have already paid tax — withdrawals are tax-free. With a Traditional you deferred taxes — withdrawals are taxed as income. Having both means you can manage your tax burden in retirement. A financial advisor can help you find the right blend for your stage of life.
Contribution Limits — 2025 and 2026
| Age Group | 2025 Total Limit | 2026 Total Limit | Catch-Up Added |
|---|---|---|---|
| Under 50 | $7,000 | $7,500 | — |
| Age 50 and older | $8,000 | $8,600 | + $1,000 (2025) / + $1,100 (2026) |
Note on catch-up contributions: The IRS adjusts these limits annually. Talk to your financial advisor to see what makes sense for you.
Did you know? You can make IRA contributions for the prior tax year all the way until April 15th. That means you may still be able to contribute for 2025 before April 15, 2026 — even if you open your account today!
Where to Open Your Account — All Free, No Minimums
Fidelity
fidelity.com
Free 1-on-1 appointments
No minimums, zero expense ratio index funds, and free in-person or virtual appointments with a licensed professional. Best if you want a human to walk you through setup.
Book appointment →
Vanguard
vanguard.com
Lowest fund fees in the industry
Owned by its investors — no outside shareholders profiting from your fees. Average expense ratio 0.07% vs industry average 0.44%. Start with as little as $1 via ETFs.
Open IRA →
Schwab
schwab.com
Free local branch access
No minimums, no fees, and local branch offices available if you prefer face-to-face. Strong beginner resources and a highly rated mobile app.
Talk to Schwab →
Three Steps to Get Moving
1
Choose a platform and open your account
All three above are free and reputable. If unsure, start with a free call to see what is best for your situation. Takes about 10 minutes online. No minimum to open.
2
Book a free 1-on-1 appointment
Fidelity and Schwab both offer free appointments with licensed professionals, no minimum balance required. They will walk you through your account type, what to invest in, and how to automate contributions.
3
Automate a small amount and choose one fund
Set up an automatic weekly or monthly transfer — even $25 a week is $1,300 a year invested. Choose a Target Date Index Fund matched to your approximate retirement year. No market watching required.
$25/week at 7% avg return = ~$65,000 in 20 years. Set it and let it work.
$25/week at 7% avg return = ~$65,000 in 20 years. Set it and let it work.
See Your Numbers — Free Retirement Calculators
Curious how much your contributions could grow? Run the numbers yourself — it takes about two minutes and requires no account or login.
NerdWallet
nerdwallet.com
Best for beginners
Enter your age, current savings, monthly contributions, and retirement budget. Shows whether you are on track and how much more to save. Clean, fast, no account required.
Try calculator →
Vanguard
vanguard.com
Simplest — four questions only
Enter your current savings, expected spending, years until retirement, and risk level. Shows the likelihood your money will last. Very visual and very fast.
Try calculator →
Bankrate
bankrate.com
More detail, still free
Accounts for salary increases, compound interest, inflation, and rate of return. Good if you want to go a little deeper and model different scenarios.
Try calculator →