Step 1 Call your bank. You can set up several different types of savings plans with your bank besides a standard savings and checking. You can go in and speak to a person or check if they have a form to fill out on their website to apply. Generally the website forms will still require you to print out and sign some type of paper and either return it to their office in person or mail it.
Step 2 Mutual fund companies also offer IRAs. They invest your money differently and can sometimes have a higher rate of return. Simply search the internet for mutual fund companies and apply directly on their websites. Keep an eye out for fees! You’ll want to find one that has a low start up fee and NO annual fee.
Step 3 A brokerage can also help you in establishing an IRA. Just like with the above, you can either go see them personally or, chances are, there is an online application on their website.
Step 4 There are many different types of IRAs to consider, the most common being the traditional and the Roth. Be sure you do your homework before committing your finances. A general rule of thumb: If you plan to retire in the same tax bracket you are in now, choose the Traditional IRA. If you plan to retire in a much higher tax bracket, then go with the Roth IRA. In a Traditional IRA, the income is not taxed until it is withdrawn. Whereas with a Roth IRA, the deposits are not tax deductible. You pay taxes on the money before it gets deposited, and then nothing at the time of withdraw.