3. Gather necessary documents
Opening a Roth IRA requires little paperwork. You'll need some form of government-issued identification, your Social Security number, and banking information, such as routing and account numbers.
4. Pick your investments
One of the biggest benefits of a Roth IRA is the ability to choose your own investments. You can select individual stocks, bonds, mutual funds, exchange-traded funds (ETFs), or any combination (as long as your provider offers them). As with any other investment decision, your choices will depend on your risk tolerance.
5. Set up a contribution schedule
Finally, you'll want to consider the amounts and frequency of deposits to your account. Two disadvantages are the Roth IRA income limits and low contribution limits.