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Step 1
Review your options for a traditional IRA, Roth IRA and rollover IRA. Traditional IRAs allow you to invest money over the long term with no income limitations. Roth IRAs have limitations on income but are tax-free. Rollover IRAs each have stipulations that must be met by you and your employer.
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Step 2
Talk to your financial adviser or personal banker about do-it-yourself options like Buy and Hold. Discuss whether or not you will be taking money out of your account early (59 1/2 years old) and how you will set up disbursements after you reach 70 1/2.
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Step 3
Visit the Buy and Hold website to open your account (see Resources below).
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Step 4
Select "Open an Account" to get started.
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Step 5
Create a username and password that will be used to access your account at Buy and Hold.
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Step 6
Click on "Open an Account" on the top of the homepage to start the login process. Use your recently created username and password to log in.
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Step 7
Choose the type of IRA you want from the list and fill out the relevant forms. Be sure you have your Social Security number handy, as well as your employment information.
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Step 8
Set up the Instant Deposit service if you want to make contributions to your IRA from your checking or savings account instead of sending a check. You may also choose to pay your monthly fees to Buy and Hold in this manner.
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Step 9
Print out the Instant Deposit authorization form and send it to Buy and Hold within 1 month after you open your account. You cannot make contributions to your IRA until this form is processed.
