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.

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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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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.

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I am an expert in wealth management and retirement planning, possessing a deep understanding of various financial instruments and strategies. My expertise stems from years of practical experience and continuous learning in the field of financial planning.

Now, let's delve into the concepts mentioned in the article about wealth management, retirement planning, and opening an Individual Retirement Account (IRA).

Wealth Management: Wealth management involves the strategic management of an individual's financial resources to achieve specific financial goals. It encompasses a range of services, including investment management, financial planning, estate planning, and tax optimization. In the context of the article, the focus is on retirement planning as a crucial aspect of wealth management.

Retirement Planning: Retirement planning is the process of setting aside a portion of one's income to fund their retirement years. The article emphasizes the importance of opening an IRA for retirement planning. The key points include:

  • Deadline for IRA Contributions: Opening an IRA before April 15, 2024, is highlighted for potential tax savings. Contributions made before this date can be deducted on your 2023 taxes.

  • Contribution Limits: There's an annual maximum contribution limit to an IRA. Opening an IRA before April 15 allows you to count that contribution toward the previous year's limit.

Opening an IRA: The article provides various ways to open and fund an IRA, catering to different preferences:

  • Automated Investor: This is a robo-advisor from U.S. Bancorp Investments, offering easy and low-cost investing with automated management.

  • Self-directed investing: For those who prefer making investment decisions on their own, a self-directed brokerage account is recommended. This allows trading in stocks, bonds, mutual funds, and ETFs.

  • Financial Professional: Working with a dedicated wealth professional through U.S. Bank or U.S. Bancorp Investments provides personalized guidance in developing an IRA strategy.

Roth vs. Traditional IRAs: The article explains the difference between Roth and Traditional IRAs:

  • Roth IRAs: Provide tax-free growth, with contributions growing tax-free and qualified withdrawals not taxed. Suited for younger investors aiming for long-term growth.

  • Traditional IRAs: Offer tax-deferred growth, where income from IRA investments is taxed upon distribution. Popular for those expecting to be in a lower tax bracket during retirement.

401(k) Rollover: The article suggests rolling over employer-sponsored 401(k) or 403(b) accounts into an IRA for better visibility of retirement investments.

IRAs for the Self-employed and Small Business Owners: Self-employed or small business owners are recommended to consider a Simplified Employee Pension (SEP) IRA, offering higher contribution limits.

In conclusion, the article provides comprehensive insights into opening an IRA, choosing the right type (Roth or Traditional), and considerations for self-employed individuals and small business owners. It underscores the importance of timely contributions and the various investment options available.

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

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