How to Open a Roth IRA at Fidelity
An Individual Retirement Account (IRA) helps you save for retirement. There are two types of IRAs. With a regular IRA you invest money that is tax-deferred and then you pay taxes when you withdraw the money in retirement. With a Roth IRA you contribute money on which you have already paid taxes. Because of this, when you retire you are able to withdraw money you contributed tax-free and only pay taxes on any capital gains.
- Difficulty:
- Moderately Easy
Instructions
Things You'll Need
- Social Security number
- Employer's name and address
- Names and date of birth for beneficiaries
- Bank account and routing number
- $2,500 minimum initial deposit or $200-a-month automatic contribution
- Internet connection
- Printer
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1
Log in to Fidelity with your Social Security number and pin number. If you do not have an account with Fidelity, complete the fields to open an account. You will need to provide your contact information, address, citizenship and Social Security number (see Resources for a link to open Fidelity account).
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2
Go to the Roth IRA application area at Fidelity. Fill in the fields at the Fidelity Roth IRA application site. This will include: personal information, including your Social Security number, employment information, investment profile and beneficiary designation.
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3
Decide if you want to invest an initial lump sum into a Fidelity Roth IRA of $2,500 or if you prefer to have $200-a-month automatically deducted from your bank account. Note this in the appropriate field.
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4
Agree to the terms and print off the forms for the Roth IRA. Mail the requested forms to Fidelity to complete the process.
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Tips & Warnings
You must be 18 or older to open an IRA with Fidelity. Opening a Roth IRA with Fidelity takes about 15 minutes.
