If you take a roll-over, you have 60 days to redeposit the fund into another IRS approved plan. The custodial company must be approved by the IRS, as well. If you miss the 60 day deadline, you may be able to get an “exception” and still retain your tax-free status, but you must have proof that you “tried” to meet the deadline….(read more)

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Setting up a Roth IRA with Fidelity is a great way to start saving for your retirement. Fidelity offers a range of investment options, competitive fees, and helpful resources. In this article, we will guide you through the steps required to set up your Roth IRA with Fidelity.

What is a Roth IRA?

Before we dive into the process of setting up a Roth IRA with Fidelity, let’s first understand what a Roth IRA is. A Roth IRA is an individual retirement account that allows you to contribute after-tax dollars. The money you contribute grows tax-free, and you can withdraw it tax-free in retirement.

Step 1: Gather Required Information

To set up your Roth IRA with Fidelity, you will need to provide the following information:

– Social Security number
– Contact information
– Employment information
– Beneficiary information
– Bank account information for funding your account

Step 2: Go to the Fidelity Website

The next step is to visit the Fidelity website. On the homepage, click on the “Open an Account” button located in the upper right-hand corner. If you already have an account with Fidelity, log in and click on the “Add Account” button.

Step 3: Choose the Roth IRA Account Type

Once you click on the “Open an Account” button, you will be prompted to select the type of account you want to open. Select “Roth IRA” from the list of account options. You can also select the type of investment account you want to open, such as an individual or joint account.

Step 4: Provide Personal Information

To open your Roth IRA, you will need to provide your personal information. This includes your name, address, phone number, email address, and social security number. You will also be asked to provide your employment information.

Step 5: Choose Your Investments

After providing the required personal information, you will need to choose the investments for your Roth IRA. You can choose to invest in individual stocks, mutual funds, exchange-traded funds, and more. Fidelity provides a range of investment options to choose from, so take the time to research and select the ones that are right for your retirement goals.

Step 6: Set up Bank Account Information

The next step is to set up your bank account information. You can use your checking or savings account to fund your Roth IRA. Once you enter your bank account information, Fidelity will verify your account.

Step 7: Review and Submit Your Application

Before submitting your application, take the time to review all the information you have provided. Once you’re confident everything is accurate, click on the “Submit” button. Fidelity will then review your application and notify you once it has been processed.

Conclusion

Setting up a Roth IRA with Fidelity is easy and straightforward. Follow the steps above, and you’ll have a retirement account ready to go in no time. Remember to stay up-to-date with your investments and adjust them as needed to ensure you’re on track to meet your retirement goals.