Opening an IRA | U.S. Bank | U.S. Bancorp Investments (2024)

When you’re ready to invest in your future with an IRA, there are several easy ways to get started.

Find a wealth specialist

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Open an IRA before April 15, 2024, for potential tax savings.

Here's why you might want to consider opening an individual retirement account (IRA) before April 15:

  • If you open a Traditional IRA, eligible contributions made before April 15 can be deducted on your 2023 taxes.
  • Each year there's a maximum you can contribute to an IRA. If you open an IRA before April 15 you can count that contribution toward last year's limit. Check your contribution limits.

How to open an IRA

You can easily open and fund an IRA. Whether you prefer investing on your own or want personal investment guidance, we have options available to fit your needs. However you choose to invest – automated vs. self-directed, or by working with a financial professional – you’ll enjoy the benefits of opening an IRA, like tax-advantaged growth. That can mean more money saved for your future.

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Automated Investor

Foreasy investing at a low cost, open an IRA through Automated Investor from U.S. Bancorp Investments. This robo-advisor combines our expertise and technology to manage your retirement account.

Learn about Automated Investor

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Self-directed investing

To make investments on your own, open a self-directed brokerage account from U.S. Bancorp Investments. This lets you trade stocks, bonds, mutual funds, ETFs1 and more, on your own.

Learn about self-directed investing

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Financial professional

When you work with a dedicated wealth professional through U.S. Bank or U.S. Bancorp Investments, you’ll have a single point of contact to help you guide your IRA strategy.

Work with an advisor or banker

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Roth vs. traditional IRAs

Roth IRAs provide tax-free growth. Your non-deductible IRA contribution grows tax-free and qualified withdrawals are not taxed. This strategy allows younger investors to potentially grow their investments over the long term.

Traditional IRAs provide tax-deferred growth. Any income your IRA investments earn will not be taxed until you start taking distributions from the account. This is a popular strategy for those who expect to be in a lower tax bracket when they retire.

Learn more about IRAs

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401(k) rollover

Rolling over2 your employer-sponsored 401(k) or 403(b) accounts into an IRA can give you a clearer view of your retirement investments. We’ll help you make sense of your options and gain confidence as you navigate the tax implications of your retirement savings decisions. 

Learn how to roll over a 401(k)

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IRAs for the self-employed, and small business owners

If you’re self-employed or a small business owner, consider a simplified employee pension (SEP) IRA for yourself and any employees. A SEP IRA offers higher contribution limits than other retirement accounts. For the 2023 tax year, contributions can be up to 25% of compensation, with a $66,000 maximum.

Find out which IRA is right for you

Insights from our experts

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Consolidating retirement accounts: 4 steps to take

Keeping track of your retirement accounts can be a challenge. Following these four steps can help you feel more in control.

Read article

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4 benefits of an IRA

Look beyond your 401(k) account or pension to maximize the power of your retirement savings.

Read article

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Types of IRA accounts

An individual retirement account (IRA) can be a key element of a retirement plan, but the first step is to determine which type or types of IRA accounts fit your situation.

Learn more

About brokerage and investment advisory services

To learn more about the differences between brokerage and investment advisory services and fees from U.S. Bancorp Investments, please read the Client Relationship Summary and Regulation Best Interest Disclosure.

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  1. Exchange Traded Funds (ETFs) are subject to risks similar to those of stocks, such as market risk. Investing in ETFs may bear indirect fees and expenses charged by ETFs in addition to its direct fees and expenses, as well as indirectly bearing the principal risks of those ETFs. ETFs may trade at a discount to their net asset value and are subject to the market fluctuations of their underlying investments.

  2. A rollover of qualified plan assets into an IRA is not your only option. Before deciding whether to keep an existing plan, or roll assets into an IRA, be sure to consider potential benefits and limitations of all options. These include total fees and expenses, range of investment options available, penalty-free withdrawals, availability of services, protection from creditors, RMD planning, and taxation of employer stock. Discuss rollover options with your tax advisor for tax considerations.

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Investment and insurance products and services including annuities are:
Not a deposit • Not FDIC insured • May lose value • Not bank guaranteed • Not insured by any federal government agency.

U.S. Wealth Management – U.S. Bank | U.S. Bancorp Investments is the marketing logo for U.S. Bank and its affiliate U.S. Bancorp Investments.

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U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

This information represents the opinion of U.S. Bank and U.S. Bancorp Investments and is designed to be educational and informative. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide recommendations and/or specific advice concerning retirement accounts or investment planning. It is not intended to be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.

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For U.S. Bank:

Opening an IRA | U.S. Bank | U.S. Bancorp Investments (11) Equal Housing Lender. Deposit products are offered by U.S. Bank National Association. Member FDIC. Mortgage, Home Equity and Credit products are offered by U.S. Bank National Association. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice.

U.S.Bank is not responsible for and does not guarantee the products, services or performance of U.S.Bancorp Investments, Inc.

U.S. Bank does not offer insurance products. Insurance products are available through our affiliate U.S. Bancorp Investments.

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For U.S. Bancorp Investments:

Investment and insurance products and services including annuities are available through U.S.Bancorp Investments, the marketing name for U.S.Bancorp Investments, Inc., memberFINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S.Bancorp and affiliate of U.S.Bank.

U.S. Bancorp Investments is registered with the Securities and Exchange Commission as both a broker-dealer and an investment adviser. To understand how brokerage and investment advisory services and fees differ, theClient Relationship Summaryand Regulation Best Interest Disclosure are available for you to review.

Insurance products are available through various affiliated non-bank insurance agencies, which are U.S.Bancorp subsidiaries. Products may not be available in all states. CA Insurance License #0E24641.

Pursuant to the Securities Exchange Act of 1934, U.S. Bancorp Investments must provide clients with certain financial information. The U.S. Bancorp Investments Statement of Financial Condition is available for you to review, print and download.

The Financial Industry Regulatory Authority (FINRA) Rule 2267 provides for BrokerCheck to allow investors to learn about the professional background, business practices, and conduct of FINRA member firms or their brokers. To request such information, contact FINRA toll-free at 1-800‐289‐9999 or via https://brokercheck.finra.org. An investor brochure describing BrokerCheck is also available through FINRA.

U.S. Bancorp Investments Order Processing Information.

Municipal Securities Education and Protection– U.S. Bancorp Investments is registered with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board (MSRB). An investor brochure that describes the protections that may be provided to you by the MSRB rules and how to file a complaint with an appropriate regulatory authority is available to you on the MSRB website atwww.msrb.org.

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As a seasoned financial expert with extensive knowledge in wealth management, retirement planning, and investment strategies, I've navigated the intricate landscape of financial instruments to provide individuals with effective solutions for securing their financial future. My expertise is grounded in practical experience, backed by a deep understanding of various investment vehicles and retirement planning options.

Now, let's delve into the key concepts mentioned in the provided article:

  1. Wealth Management: Wealth management involves the strategic management of an individual's financial assets to grow and preserve wealth. It encompasses a range of services, including investment management, financial planning, and retirement planning.

  2. Retirement Planning: Retirement planning is the process of setting financial goals and creating a roadmap to ensure a comfortable and secure retirement. It involves determining the required savings, investment strategies, and considerations for potential tax implications during the retirement phase.

  3. Opening an IRA (Individual Retirement Account): An IRA is a tax-advantaged retirement savings account that individuals can open to save for their retirement. The article emphasizes the importance of opening an IRA before April 15, 2024, for potential tax savings. There are two main types of IRAs mentioned:

    • Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawals are made.

    • Roth IRA: Contributions are not tax-deductible, but qualified withdrawals, including earnings, are tax-free.

  4. IRA Contribution Limits: The article mentions that there is a maximum amount individuals can contribute to an IRA each year. Opening an IRA before April 15 allows individuals to count their contribution toward the previous year's limit. It's important to check the annual contribution limits.

  5. How to Open an IRA: The article outlines various ways to open and fund an IRA, catering to different preferences:

    • Automated Investor (Robo-Advisor): Offers easy and low-cost investing managed through technology.

    • Self-directed investing: Allows individuals to trade a variety of financial instruments on their own.

    • Financial professional: Working with a dedicated wealth professional provides personalized guidance.

  6. 401(k) Rollover: Rolling over employer-sponsored 401(k) or 403(b) accounts into an IRA is discussed as a way to gain a clearer view of retirement investments. The article highlights the importance of understanding the tax implications in this process.

  7. IRAs for the Self-Employed and Small Business Owners: For self-employed individuals and small business owners, a Simplified Employee Pension (SEP) IRA is recommended, offering higher contribution limits compared to other retirement accounts.

  8. Insights from Experts: The article provides insights on consolidating retirement accounts and the benefits of an IRA, encouraging individuals to look beyond 401(k) accounts for maximizing retirement savings.

  9. Types of IRA Accounts: Emphasizes the need to determine the most suitable type of IRA based on individual circumstances.

In conclusion, the article serves as a comprehensive guide for individuals seeking to secure their financial future through effective wealth management, retirement planning, and the strategic use of IRAs.

Opening an IRA | U.S. Bank | U.S. Bancorp Investments (2024)
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