Individual Retirement Accounts (IRAs) Open an IRA online with SoFi today.
Prepare for retirement with a Traditional or Roth IRA from SoFi Invest. Plus, get a 1% match on every dollar you roll over and contribute.1
1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
Based on SoFi Members. This claim may not be representative of the experience of all other customers. | Updated: 1/17/2025
How SoFi can help you prepare for retirement.
Discover the benefits of opening an IRA with SoFi and see how it can help you achieve your retirement goals.
Boost your IRA with a 1% match.
Reimagine what your retirement can do for you with a 1% match on rollovers and contributions to your SoFi Traditional or Roth IRA1—even without an employer plan.
Diverse investment options.
Whether selecting your investment options yourself or letting us build your portfolio for you, you get access to a wide range of investment options including stocks, ETFs, alternative investments, and more.
Professional advice at no additional cost.
Get complimentary financial advice from a Certified Financial Planner® professional to get a clear understanding of your current financial situation - and build a strategy moving forward.
No account fees or minimums.
No maintenance fees, no commissions, and no minimum contributions or balances means no extra cost to you. Other fees apply.
1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
What Is an Individual Retirement Account (IRA)?
We'll guide you through the IRA fundamentals, importance of investing for the future, and differences between Roth and Traditional IRAs.
IRA accounts to fit your retirement goals.
Traditional IRA
• IRS contribution limits exist. See Traditional IRA contribution limits.
• Contributions may be tax-deductible.
• No income eligibility.
• Earnings grow tax-deferred and are taxed as ordinary income at the time of withdrawal.
• Required Minimum Distributions (RMDs) start at age 72 (73 if you reach age 72 after Dec. 31, 2022).
Roth IRA
• IRS contribution limits exist. See Roth IRA contribution limits.
• Contributions are not tax-deductible.
• Income eligibility does exist.
• Qualified withdrawals are tax-free and penalty free after 5 years and after age 59½.
• No RMDs during the account owner's lifetime.
SEP IRA
• IRS contribution limits exist. See SEP IRA contribution limits.
• Designed for self-employed individuals and small business owners.
• Contributions are tax-deductible.
• Higher contribution limits compared to Traditional and Roth IRAs.
Rollover IRA
• There are no contribution limits when rolling over your 401(k) to an IRA.
• Allows you to consolidate 401(k)s from previous employers.
• Provides flexibility and control over your retirement savings.
• No taxes or penalties when transferring funds from a qualified retirement plan.
Can't decide which IRA is right for you?
Check out our and take our quiz to see which IRA is right for you. Roth vs Traditional comparison
How to open a SoFi IRA.
With SoFi's IRAs, you have the flexibility to choose the investment style that suits you best:
self-directed investing for hands-on control or automated investing for a portfolio built just for you with SoFi's robo-advisor.
Decide which IRA is best for you.
You can choose between a traditional, Roth, or SEP IRA.
Select how you'd like to invest.
Robo IRA (Hands-off): If you'd like an automated way to manage your IRA investments, our robo-advisor can build and manage a custom portfolio just for you.
Self-Directed IRA (Hands-on): If you want to select your own investments in your IRA, active investing is the option for you. Be your own investor and pay no commissions on your trades. Other fees apply.
Open your IRA online.
There's no cost or minimums to open a SoFi IRA. Don't forget to fund your new account and start investing.
Calculators and guides to help you plan your retirement.
You know you're supposed to save for retirement, but do you know how to get started or what you're supposed to do over time? From knowing how much to save, what to invest in, and how to manage your retirement account, our tools and resources can help you on the road to retirement.
FAQs
Learn more: IRA Tax Deduction Rules
Learn more: Traditional and Roth IRA Withdrawal Rules & Penalties
Start saving for retirement your way.
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