Things You'll Need:
- Initial investment
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Step 1
Save a substantial sum of money with which to open your money market IRA. Many banks' minimum balance requirement for this type of IRA tend to be high, in the thousands of dollars.
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Step 2
Compare interest rates and minimum deposit information among financial institutions that offer a money market IRA. This is a common kind of IRA, so your options should be varied.
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Step 3
Examine the various pros and cons of the banks you have contacted to make your final decision. If you don't have a lot of money to invest, you may consider the bank with the highest return on your investment. If you do have a lot of money to invest and a little more time, you may consider a riskier fund with a better chance of high return.
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Step 4
Fill out the appropriate paperwork to open your account. This includes your personal information, name and address of your employer and bank account and routing numbers. Depending on the company, this process may be completed online or by mail.
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Step 5
Designate a beneficiary who will inherit the IRA from you after your death. If you do not name a beneficiary, your IRA may go to your estate. This could potentially cause tax problems for the inheritor of your estate.











