Individual Retirement Arrangements - Getting Started
IRAs allow you to make tax-deferred investments to provide financial security when you retire.
Assess your financial needs
- Where am I, financially? The Roadmap to Saving and Investing (U.S. Securities and Exchange Commission) can help you evaluate your financial situation.
- What will my Social Security retirement benefit be? Calculate what you can expect as your Social Security retirement benefit.
- How much will I need when I retire? Use the American Savings Education Council (ASEC) calculator to estimate what you'll need.
- The Department of Labor website also has retirement planning information.
Set up your IRA
- What kind of IRA best suits my needs? Traditional IRA or Roth IRA?
- Traditional vs. Roth IRA comparison chart
- You can set up an IRA with a:
- bank or other financial institution
- life insurance company
- mutual fund
- stockbroker
Investing your IRA assets
- The IRS can't give advice about specific investments. See The IRS Does Not Approve IRA Investments (Publication 3125)
- Some kinds of investments are not allowed in an IRA. See IRA FAQs - Investments
- Investing and Diversification resources from the Department of Labor can get you started on investing for your future.
Additional IRA Resources
- See Individual Retirement Arrangements (IRAs) (Publication 590) for detailed information on IRAs and IRA transactions.
Page Last Reviewed or Updated: 23-May-2013
