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 calculators available on the Choose to Save page sponsored by the American Savings Education Council (ASEC) 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

Additional IRA resources