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

Open an account

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.

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Based on SoFi Members. This claim may not be representative of the experience of all other customers. | Updated: 3/25/2025

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.

    Book a complimentary 30-min session with a SoFi Financial Planner to get a clear understanding of your current financial situation - and build a strategy moving forward.

  • No commissions on stocks and ETFs.

    No commissions on stocks and ETFs means no extra cost to you. Other fees apply.

    • Contribute now

    Begin rollover

    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. Active Investing offered via SoFi Securities LLC; Robo Investing offered via SoFi Wealth LLC

Choose how you want to manage your IRA.

With SoFi's Roth or Traditional 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.

  • Self-Directed IRAs
    (Hands-On)

    If you want to be hands-on and select your own investments in your IRA, self-directed investing is the option for you. Be your own investor and pay no commissions on your trades. Other fees apply.

    Open a Self-Directed IRA

  • Automated IRAs
    (Hands-Off)

    Overwhelmed by your investment options or not sure where to start? We're here to help. Just tell us about your overall retirement and investment goals and our robo advisor will build and manage a custom portfolio for your IRA - just for you.

    Open an Automated IRA

Understanding IRAs

We'll guide you through the IRA fundamentals, importance of investing for the future, and differences between Roth and Traditional IRAs.

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.

Learn more: What Is 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. You can also open an IRA to supplement your retirement plan at work, especially if you’ve already contributed the annual maximum.

The main difference between Traditional and Roth IRAs is how they handle taxes. With a Traditional IRA, you might get a tax deduction now, making it a bit easier on your current finances, but you’ll pay taxes when you retire and start making withdrawals. On the flip side, Roth IRAs take your after-tax money now, so you can withdraw tax-free when you retire.

Types of IRAs to fit your retirement goals.

Roth IRA

Traditional IRA

SEP IRA

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.

Roth vs traditional IRA illustration

Can't decide which IRA is right for you?

Check out our
Roth vs Traditional comparison and take our quiz to see which IRA is right for you.

Open your IRA online in 3 easy steps.

  1. Choose how you'd like to invest.

    Consider a self-directed IRA if you want to select your own investments or an automated IRA if you want to be hands-off.

  2. Decide which IRA is best for you.

    You can choose between a
    Traditional, Roth, or SEP IRA.

  3. Open your new IRA.

    There's no cost or minimums to open a SoFi IRA. Don't forget to fund your new IRA and start investing.

Open an IRA

See where you stand for retirement.

Use our retirement calculator to estimate what you'll have, what you'll need,
and to identify any gaps so you can plan with confidence. 3

How our retirement calculator works.




On track or not, maxing out your IRA unlocks the power of compound returns.

Whether you're on track or facing a gap based on your calculator results, consistently maxing out your IRA each year can help strengthen your long-term retirement outlook with the help of compound returns. This refers to the potential for your savings to build on themselves over time, similar to a snowball effect.

Take this chart, for example. It shows how those returns can add up over time when you consistently contribute the annual IRA maximum, based on a hypothetical 7% annual return, which reflects the historical average of the S&P 500 Index. 2

Tools and education to help you plan for 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.

See more investing articles

FAQs

The annual contribution limit for a traditional and Roth IRA is $7,000 for both 2024 and 2025. Those 50 and older can contribute an additional $1,000 per individual, for a total of $8,000 per year.

For SEP IRAs, the IRS contribution limits for 2025 are $70,000 or 25% of compensation per employee, whichever is lower; and for 2024 the limits are $69,000 or 25% of compensation per employee, whichever is lower. Other limitations may apply.

Learn: How to Open an IRA: A Beginner's Guide
Traditional IRA contributions may be tax-deductible if you meet certain income requirements. Roth IRAs are not tax-deductible.

Learn more: IRA Tax Deduction Rules
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.

Learn more: Traditional and Roth IRA Withdrawal Rules & Penalties
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.
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.
Required minimum distributions (RMDs) are minimum withdrawals set by the IRS that you must make when you reach a certain age. For traditional IRAs, RMDs kick in the year you turn 72 (73 if you reach age 72 after Dec. 31, 2022).
Yes, you can have multiple IRAs, but the total amount you contribute to all of your IRAs cannot exceed the annual IRS contribution limits.
There’s no cost to open a SoFi IRA.
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.
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.
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.

Start saving for retirement your way.

Open a SoFi IRA

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