An individual retirement account (IRA) is a retirement savings account that anyone with earned income can open on their own. An IRA allows individuals to save for retirement over the long-term in a tax-advantaged plan.

Why invest in an IRA?

IRAs can offer investors specific tax advantages (potential tax deductions and tax-free growth) that could be beneficial when compared with traditional brokerage accounts (which can be taxed as income). You can also open an IRA to supplement your retirement plan at work, especially if you’ve already contributed the annual maximum.

How much can I contribute to an IRA each year?

The annual contribution limit for a traditional and Roth IRA is $7,000 for 2025 and $7,500 for 2026. Those 50 and older can contribute $8,000 in 2025 and $8,600 in 2026. The SEP IRA contribution limit for 2025 is 25% of an employee's total compensation, up to $70,000. The SEP IRA contribution limit for 2026 is 25% of an employee's total compensation, up to $72,000. Other limitations may apply.

Are IRA contributions tax deductible?

Traditional IRA contributions may be tax-deductible if you meet certain income requirements. Roth IRAs are not tax-deductible.

What are the withdrawal rules for IRAs?

For traditional IRAs, you can make penalty-free withdrawals once you reach age 59½. Roth IRA contributions can be withdrawn at any time without tax or penalty, for any reason at any age. Investment earnings on Roth contributions can typically be withdrawn, tax-free and without penalty, once the investor reaches the age of 59½, as long as the account has been open for at least a five-year period.

Can I have an IRA if I have a 401(k)?

Yes, you can have both a 401(k) and an IRA. Note that the two account types have different contribution and withdrawal rules, so be sure to understand those before opening an account.

How do I move my 401(k) to an IRA?

SoFi Invest offers a range of retirement accounts and 401(k) rollover options. We offer Traditional, Roth, and SEP IRAs, and can help with the rollover process.

Can I have multiple IRAs?

Yes, you can have multiple IRAs, but the total amount you contribute to all of your IRAs cannot exceed the annual IRS contribution limits.

How much does it cost to open a SoFi IRA?

There’s no cost to open a SoFi IRA.

What are the fees associated with SoFi retirement accounts?

SoFi retirement accounts don’t have any account fees. However, there may be fees associated with certain ETFs and mutual funds ranging from 0.03% to 0.40%. Other fees apply.

How does SoFi invest my retirement savings?

SoFi offers a variety of investment options for your retirement savings including ETFs, stocks, and more. You can choose to invest in individual investments or you can use SoFi's automated investing service to create a diversified portfolio that’s tailored to your risk tolerance and investment goals.

Who can open a SoFi IRA?

SoFi IRAs are available to anyone who is a U.S. citizen or resident who’s at least 18 years old and has a valid Social Security number.

Get a 1% IRA Match on Contributions and Rollovers

Name: SoFi Individual Retirement Account
Brand: SoFi

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC.

For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

SoFi can’t guarantee future financial performance, and past performance is no indication of future success.

Diversification can help reduce some investment risk. However, it cannot guarantee profit nor fully protect in a down market.  

SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney about your specific needs.

¹Terms and conditions apply. For 401k rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% Match terms and conditions.

The retirement calculator is provided for educational purposes only and is based on mathematical principles that do not reflect actual performance of any particular investment, portfolio, or index. It does not guarantee results and should not be considered investment, tax, or legal advice. Investing involves risks, including the loss of principal, and results vary based on a number of factors including market conditions and individual circumstances. Past performance is not indicative of future results.

TLS 1.2 Encrypted

Equal Housing Lender