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The breakdown is as follows:  ",[1007],{"type":129,"attrs":1008},{"color":12},"article-rich-text",{"_uid":1011,"caption":12,"content":1012,"component":1030,"paste_content":1031,"hide_heading_row":543,"first_col_to_headings":543},"ee454f34-8197-4e30-b39c-52aff39ba371",{"tbody":1013,"thead":1023,"fieldtype":1029},[1014],{"_uid":1015,"body":1016,"component":1022},"f090895b-d338-46aa-a5ac-69ddd0b4a5fd",[1017,1020],{"_uid":1018,"value":12,"component":1019},"a3557490-94b4-4d1e-9acf-ebdb8015eaea","_table_col",{"_uid":1021,"value":12,"component":1019},"fb592811-0da4-429c-9c8f-2e143e4453aa","_table_row",[1024,1027],{"_uid":1025,"value":12,"component":1026},"7cc2ed03-7386-4fc9-862c-15d6f30b0c22","_table_head",{"_uid":1028,"value":12,"component":1026},"437e094f-9b0a-459e-96ea-65c3c7a647c9","table","article-table","Filing Status\tIncome Limit and Phase-outs\nSingle, head of household, or married filing separately\tFull contribution $146,000, phasing out until $161,000\nMarried filing jointly or qualified widow\tFull contribution: $230,000, phasing out to $240,000\nMarried filing separately\tFull contribution $10,000",{"_uid":1033,"data":1034,"component":1009},"f9a299bf-9ec5-4869-8dd6-b45546a54119",{"type":15,"content":1035},[1036,1049,1065,1072,1079,1144,1151,1172,1188,1195,1202,1282,1289,1296,1303,1310,1326,1333,1340,1347,1355,1362,1369,1377,1398,1405,1413,1420,1427,1434,1442,1449,1456,1463,1471,1478,1485,1492,1504],{"type":18,"content":1037},[1038,1040],{"text":1039,"type":22},"Want to know how much you can get from your Roth IRA at retirement? ",{"text":1041,"type":22,"marks":1042},"Check out our free Roth IRA Calculator here>",[1043],{"type":31,"attrs":1044},{"href":254,"uuid":255,"anchor":34,"target":35,"linktype":74,"story":1045},{"name":1046,"id":1047,"uuid":255,"slug":1046,"url":1048,"full_slug":1048,"_stopResolving":558},"roth-ira-calculator",505365705,"discover/retirement/roth-ira-calculator",{"type":774,"content":1050},[1051],{"type":777,"content":1052},[1053],{"type":18,"content":1054},[1055,1061],{"text":1056,"type":22,"marks":1057},"Decide where you want to open your Roth IRA",[1058,1059],{"type":38},{"type":129,"attrs":1060},{"color":12},{"text":825,"type":22,"marks":1062},[1063],{"type":129,"attrs":1064},{"color":12},{"type":18,"content":1066},[1067],{"text":1068,"type":22,"marks":1069},"The second step involves choosing where to open your Roth IRA. Most financial institutions, including banks, robo-advisors, brokerages (online and traditional), and credit unions, offer Roth IRAs.  ",[1070],{"type":129,"attrs":1071},{"color":12},{"type":18,"content":1073},[1074],{"text":1075,"type":22,"marks":1076},"Before deciding on where to open a Roth IRA, investors should ask themselves the following questions: ",[1077],{"type":129,"attrs":1078},{"color":12},{"type":774,"content":1080},[1081,1090,1099,1108,1117,1126,1135],{"type":777,"content":1082},[1083],{"type":18,"content":1084},[1085],{"text":1086,"type":22,"marks":1087},"Am I a DIY investor or a delegator? ",[1088],{"type":129,"attrs":1089},{"color":12},{"type":777,"content":1091},[1092],{"type":18,"content":1093},[1094],{"text":1095,"type":22,"marks":1096},"What are the costs of setting up and maintaining an account with the financial institution? ",[1097],{"type":129,"attrs":1098},{"color":12},{"type":777,"content":1100},[1101],{"type":18,"content":1102},[1103],{"text":1104,"type":22,"marks":1105},"What type of customer service does the institution provide? ",[1106],{"type":129,"attrs":1107},{"color":12},{"type":777,"content":1109},[1110],{"type":18,"content":1111},[1112],{"text":1113,"type":22,"marks":1114},"Does the company have a minimum investment amount or a minimum balance? ",[1115],{"type":129,"attrs":1116},{"color":12},{"type":777,"content":1118},[1119],{"type":18,"content":1120},[1121],{"text":1122,"type":22,"marks":1123},"How long has the institution been around? ",[1124],{"type":129,"attrs":1125},{"color":12},{"type":777,"content":1127},[1128],{"type":18,"content":1129},[1130],{"text":1131,"type":22,"marks":1132},"What are the credentials of the institution or broker? ",[1133],{"type":129,"attrs":1134},{"color":12},{"type":777,"content":1136},[1137],{"type":18,"content":1138},[1139],{"text":1140,"type":22,"marks":1141},"Do their products meet your risk tolerance? ",[1142],{"type":129,"attrs":1143},{"color":12},{"type":18,"content":1145},[1146],{"text":1147,"type":22,"marks":1148},"The Roth IRA is not an investment. You still have to select these.  ",[1149],{"type":129,"attrs":1150},{"color":12},{"type":18,"content":1152},[1153,1158,1167],{"text":1154,"type":22,"marks":1155},"Most people fund their Roth IRAs with mutual funds, ",[1156],{"type":129,"attrs":1157},{"color":12},{"text":1159,"type":22,"marks":1160},"ETFs",[1161,1164,1166],{"type":31,"attrs":1162},{"href":1163,"uuid":34,"anchor":34,"target":819,"linktype":36},"https://www.unbiased.com/discover/investing/what-is-an-etf",{"type":129,"attrs":1165},{"color":12},{"type":823},{"text":1168,"type":22,"marks":1169},", stocks, bonds, exchange-traded funds, or money market funds. ",[1170],{"type":129,"attrs":1171},{"color":12},{"type":774,"content":1173},[1174],{"type":777,"content":1175},[1176],{"type":18,"content":1177},[1178,1184],{"text":1179,"type":22,"marks":1180},"Finding and filling out the paperwork",[1181,1182],{"type":38},{"type":129,"attrs":1183},{"color":12},{"text":825,"type":22,"marks":1185},[1186],{"type":129,"attrs":1187},{"color":12},{"type":18,"content":1189},[1190],{"text":1191,"type":22,"marks":1192},"Once you're ready to open the Roth IRA, the paperwork begins. You can typically find the relevant forms online, but ensure you have all the relevant documentation and information for a smooth process.  ",[1193],{"type":129,"attrs":1194},{"color":12},{"type":18,"content":1196},[1197],{"text":1198,"type":22,"marks":1199},"This will include: ",[1200],{"type":129,"attrs":1201},{"color":12},{"type":774,"content":1203},[1204,1213,1222,1231,1240,1249,1258,1268],{"type":777,"content":1205},[1206],{"type":18,"content":1207},[1208],{"text":1209,"type":22,"marks":1210},"A working email address and phone number ",[1211],{"type":129,"attrs":1212},{"color":12},{"type":777,"content":1214},[1215],{"type":18,"content":1216},[1217],{"text":1218,"type":22,"marks":1219},"An ID (driver's license or passport detailing your identity, date of birth, and address ",[1220],{"type":129,"attrs":1221},{"color":12},{"type":777,"content":1223},[1224],{"type":18,"content":1225},[1226],{"text":1227,"type":22,"marks":1228},"Social Security number  ",[1229],{"type":129,"attrs":1230},{"color":12},{"type":777,"content":1232},[1233],{"type":18,"content":1234},[1235],{"text":1236,"type":22,"marks":1237},"Proof of your employment ",[1238],{"type":129,"attrs":1239},{"color":12},{"type":777,"content":1241},[1242],{"type":18,"content":1243},[1244],{"text":1245,"type":22,"marks":1246},"Your beneficiaries' names, addresses, and dates of birth ",[1247],{"type":129,"attrs":1248},{"color":12},{"type":777,"content":1250},[1251],{"type":18,"content":1252},[1253],{"text":1254,"type":22,"marks":1255},"Details of trusted contacts in the case of an account security breach ",[1256],{"type":129,"attrs":1257},{"color":12},{"type":777,"content":1259},[1260,1267],{"type":18,"content":1261},[1262],{"text":1263,"type":22,"marks":1264},"Banking details for funding the account ",[1265],{"type":129,"attrs":1266},{"color":12},{"type":18},{"type":777,"content":1269},[1270],{"type":18,"content":1271},[1272,1278],{"text":1273,"type":22,"marks":1274},"Choose how you want to invest",[1275,1276],{"type":38},{"type":129,"attrs":1277},{"color":12},{"text":825,"type":22,"marks":1279},[1280],{"type":129,"attrs":1281},{"color":12},{"type":18,"content":1283},[1284],{"text":1285,"type":22,"marks":1286},"When deciding on investments, there are three main routes: going solo, purchasing a target-date fund or life cycle fund, or relying on a financial advisor to do the job for them. ",[1287],{"type":129,"attrs":1288},{"color":12},{"type":18,"content":1290},[1291],{"text":1292,"type":22,"marks":1293},"Some people feel confident and knowledgeable enough to design their own portfolios. If you choose this option, it's essential to diversify the portfolio by allocating specific amounts to riskier investments and how much to invest in low-risk options.  ",[1294],{"type":129,"attrs":1295},{"color":12},{"type":18,"content":1297},[1298],{"text":1299,"type":22,"marks":1300},"Another option is the target-date fund, which automatically adjusts to safer investments as investors near their retirement age. The target date can range from 10 to 40 years from the present, ideally matching the time they retire. ",[1301],{"type":129,"attrs":1302},{"color":12},{"type":18,"content":1304},[1305],{"text":1306,"type":22,"marks":1307},"Some people may need comprehensive assistance to plan their retirement funding. It is always wise to seek financial advice from credentialed financial advisors and Unbiased can help with this. ",[1308],{"type":129,"attrs":1309},{"color":12},{"type":774,"content":1311},[1312],{"type":777,"content":1313},[1314],{"type":18,"content":1315},[1316,1322],{"text":1317,"type":22,"marks":1318},"Schedule your regular contributions",[1319,1320],{"type":38},{"type":129,"attrs":1321},{"color":12},{"text":825,"type":22,"marks":1323},[1324],{"type":129,"attrs":1325},{"color":12},{"type":18,"content":1327},[1328],{"text":1329,"type":22,"marks":1330},"Although you can invest a lump sum into your Roth IRA or contribute any time during the year, it's wise to work your Roth IRA contributions into your monthly budget.  ",[1331],{"type":129,"attrs":1332},{"color":12},{"type":18,"content":1334},[1335],{"text":1336,"type":22,"marks":1337},"The maximum contribution for the year, $7,000, works out to $583 over twelve months. If this is unaffordable, contribute as much as you can. ",[1338],{"type":129,"attrs":1339},{"color":12},{"type":18,"content":1341},[1342],{"text":1343,"type":22,"marks":1344},"It is best to make regular contributions because once you set up the deductions, you no longer have to make plans to build your account. You will quickly get used to your new budget while your account steadily grows – tax-free. ",[1345],{"type":129,"attrs":1346},{"color":12},{"type":764,"attrs":1348,"content":1349},{"level":766},[1350],{"text":1351,"type":22,"marks":1352},"Is opening a Roth IRA free? ",[1353],{"type":129,"attrs":1354},{"color":12},{"type":18,"content":1356},[1357],{"text":1358,"type":22,"marks":1359},"There are no official costs to open a Roth IRA.  ",[1360],{"type":129,"attrs":1361},{"color":12},{"type":18,"content":1363},[1364],{"text":1365,"type":22,"marks":1366},"Still, other fees and charges may be in place depending on the financial institution and the products chosen. ",[1367],{"type":129,"attrs":1368},{"color":12},{"type":764,"attrs":1370,"content":1371},{"level":766},[1372],{"text":1373,"type":22,"marks":1374},"Can you have multiple Roth IRAs? ",[1375],{"type":129,"attrs":1376},{"color":12},{"type":18,"content":1378},[1379,1384,1393],{"text":1380,"type":22,"marks":1381},"It is possible to have ",[1382],{"type":129,"attrs":1383},{"color":12},{"text":1385,"type":22,"marks":1386},"multiple Roth IRAs",[1387,1390,1392],{"type":31,"attrs":1388},{"href":1389,"uuid":34,"anchor":34,"target":819,"linktype":36},"https://www.britannica.com/money/can-you-have-multiple-roth-iras",{"type":129,"attrs":1391},{"color":12},{"type":823},{"text":1394,"type":22,"marks":1395},", but the contribution limits remain the same.  ",[1396],{"type":129,"attrs":1397},{"color":12},{"type":18,"content":1399},[1400],{"text":1401,"type":22,"marks":1402},"You may contribute a maximum of $7,000 across the various accounts, not per account. ",[1403],{"type":129,"attrs":1404},{"color":12},{"type":764,"attrs":1406,"content":1407},{"level":766},[1408],{"text":1409,"type":22,"marks":1410},"Does opening a Roth IRA affect your credit score? ",[1411],{"type":129,"attrs":1412},{"color":12},{"type":18,"content":1414},[1415],{"text":1416,"type":22,"marks":1417},"When you open a Roth IRA, it should not affect your credit score.  ",[1418],{"type":129,"attrs":1419},{"color":12},{"type":18,"content":1421},[1422],{"text":1423,"type":22,"marks":1424},"Investment is not considered a risky or irresponsible financial practice.  ",[1425],{"type":129,"attrs":1426},{"color":12},{"type":18,"content":1428},[1429],{"text":1430,"type":22,"marks":1431},"It will also not elevate your score. ",[1432],{"type":129,"attrs":1433},{"color":12},{"type":764,"attrs":1435,"content":1436},{"level":766},[1437],{"text":1438,"type":22,"marks":1439},"What happens after I open a Roth IRA? ",[1440],{"type":129,"attrs":1441},{"color":12},{"type":18,"content":1443},[1444],{"text":1445,"type":22,"marks":1446},"Once you've opened your Roth IRA, it's wise to keep your investments for the long term.  ",[1447],{"type":129,"attrs":1448},{"color":12},{"type":18,"content":1450},[1451],{"text":1452,"type":22,"marks":1453},"However, you should regularly review your account statements and decide whether your investment choices still serve your 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today.",[1509,1512,1513,1515],{"type":31,"attrs":1510},{"href":1511,"uuid":34,"anchor":34,"target":819,"linktype":36},"https://v2.unbiased.com/inquiry/financial-advisor/advice-areas?_gl=1%2azzqfn9%2a_ga%2aMTI0NzYxNTk0LjE3MDIyNzgwNzg.%2a_ga_2L93GWDPD4%2aMTcwNzczMjc2OS4xNS4wLjE3MDc3MzI3NjkuNjAuMC4w",{"type":38},{"type":129,"attrs":1514},{"color":12},{"type":823},[1517],{"_uid":1518,"image":1519,"title":1522,"component":1536,"breadcrumbs":558},"31fb3060-b4ce-4c99-99f7-17d7c42d7910",{"alt":12,"name":12,"title":12,"filename":1520,"copyright":12,"fieldtype":1521},"https://a.storyblok.com/f/185166/2365x1576/9b5437d3e0/how-do-i-open-a-roth-ira.webp","asset",{"type":15,"content":1523},[1524],{"type":18,"content":1525},[1526,1528,1534],{"text":1527,"type":22},"How to ",{"text":1529,"type":22,"marks":1530},"open a Roth 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