How much can you open an ira with

Retirement & IRAs Overview

Table of Contents Show

Step 1: Confirm this IRA is right for you
Why you may want to consider other options
Step 2: Decide if you want to manage the investments in your IRA, or have us do it for you
Don't forget these important steps
What is the maximum amount I can open an IRA with?
Can I open an IRA with 20000?

A traditional IRA can be a great way to save for retirement since potential earnings grow tax deferred, and your contributions may be tax deductible.1

With Fidelity, you have a broad range of investment options, including options to have us manage your money for you. You'll get exceptional service as well as planning and guidance support.

Step 1: Confirm this IRA is right for you

Tax benefits

If you're within the IRS income limits, you may be able to deduct all or part of your contributions from your federal taxes.1

Access to your money

You can take penalty-free withdrawals for certain expenses, such as a first home purchase, birth, adoption, or college expenses.2

Flexibility

As long as you are still working, you never have to stop contributing to a traditional IRA, and you can contribute to an IRA in addition to your 401(k).1

Why you may want to consider other options

You may want to compare the benefits of a traditional IRA and a Roth IRA, since potential earnings of a Roth grow tax-free and might allow you to save more. You can use our IRA Contribution Calculator to find out how much you may be able to contribute.

Step 2: Decide if you want to manage the investments in your IRA, or have us do it for you

	Fidelity traditional IRA	Fidelity Go® traditional IRA
Investment management	You are responsible for choosing and managing your investments	We choose and manage your investments using your goals and risk tolerance in this digital account
Planning & guidance	Access to robust planning tools, and support from a Fidelity representative as needed3	Access to digital planning tools and unlimited 1-on-1 coaching calls with a dedicated team of Fidelity advisors once your account balance reaches $25,0003
Minimums	No minimum to open an account4	No minimum to open an account5
Fees	No account4 or advisory fees with this type of retail account Depending on which investments you choose, there may be underlying fees	Advisory fee5 $0 for under $25,000 and 0.35%/yr for $25,000 and above Invests in Fidelity mutual funds that do not charge management fees or, with limited exceptions, fund expenses
Support	Thought leadership, research, 24/7 customer service	Thought leadership, research, 24/7 customer service
	Get started	Get started
Looking for a more hands-on managed approach? You might want to consider Fidelity® Wealth Services for your planning and investment management needs. Minimum investment is $50,000 for access to a team of advisors or $250,000 for a dedicated advisor. Learn more

Don't forget these important steps

Once you get your account set up, what's next?

For a Fidelity traditional IRA: Make your first contribution. Once your money is in your IRA, you should get it invested. This is a very important step—investing is how your money has the potential to grow over time.

For a Fidelity Go® traditional IRA Make your first contribution. You don't need to choose or manage your investments—we do that for you based on the information you gave us.

Once your Fidelity Go® traditional IRA reaches $25,000 consider setting up a coaching appointment to review your full financial picture. That's why we're here!

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

1. For 2021, full deductibility of a contribution is available to covered individuals whose 2021 Modified Adjusted Gross lncome (MAGI) is $105,00 or less (joint) and $66,000 or less (single), partial deductibility for MAGI up to $125,000 (joint) and $76,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan when filing jointly with a MAGI of $198,000 or less in 2021; and partial deductibility for MAGI up to $208,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax-deductible, regardless of your income.

For 2022, full deductibility of a contribution is available to covered individuals whose 2022 Modified Adjusted Gross lncome (MAGI) is $109,00 or less (joint) and $68,000 or less (single), partial deductibility for MAGI up to $129,000 (joint) and $78,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan when filing jointly with a MAGI of $204,000 or less in 2022; and partial deductibility for MAGI up to $214,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax-deductible, regardless of your income.

2. For Traditional IRAs, penalty-free withdrawals include but are not limited to: qualified higher education expenses; qualified firm home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; death; or substantially equal period payments.

3. Clients with $250,000 or more at Fidelity may be eligible for dedicated Fidelity advisor access.

No account fees or minimums to open Fidelity retail IRA accounts. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs), and commissions, interest charges, and other expenses for transactions, may still apply. See Fidelity.com/commissions for further details.

5. There is no minimum amount required to open a Fidelity Go account. However, in order for us to invest your money according to the investment strategy you've chosen, your account balance must be at least $10. The Fidelity Go program advisory fee is calculated and charged at the account level.

Fidelity Go® provides discretionary investment management, and in certain circumstances, non-discretionary financial planning, for a fee. Advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, FBS and NFS are Fidelity Investments companies.

Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

560589.31.0

What is the maximum amount I can open an IRA with?

Roth IRAs have the same annual contribution limits as traditional IRAs. In 2022 you can contribute up to $6,000 or your taxable compensation, and in 2023 you can contribute up to $6,500. If you are 50 or older by the end of 2022, you may contribute up to $7,000 to a Roth IRA in that year.

Can I open an IRA with 20000?

You have several options to invest $20,000 in a retirement account, but you have to be careful about annual contribution limits. You most likely won't be able to invest the full $20,000 in a lump sum. You could start saving for retirement by investing some of it in a workplace retirement plan.