The Best IRA Accounts for Building Long-Term Wealth

Investing in an Individual Retirement Account (IRA) is a smart way to secure your financial future. Whether you’re a seasoned investor or just starting out, IRAs offer tax advantages and flexibility that can help you grow your wealth over time. Below, we’ve rounded up the top IRA accounts, including the best Roth IRA options, to help you make an informed decision. Our list includes a mix of traditional brokers, robo-advisors, and even gold IRA options, so there’s something for everyone.

Top IRA Accounts for Every Investor

When it comes to choosing the best IRA account, your needs and goals matter. Here are our top picks, curated by Business Insider editors, to suit different investor profiles:

1. Charles Schwab IRA: Best Overall IRA

   • Standout feature: $0 setup and trading fees, with access to stocks, ETFs, bonds, mutual funds, and CDs.
   • Ideal for: Investors who want a comprehensive platform with expert insights and customer support.

2. Fidelity IRA: Best for Retirement Savings

   • Standout feature: $0 account minimums and commission-free trades on stocks, ETFs, and options.
   • Ideal for: Hands-off investors who want personalized advice through Fidelity Go.

3. Ellevest IRA: Best for Financial Advisors

   • Standout feature: Gender-specific investment strategies and no minimum balance requirements.
   • Ideal for: Women and those seeking guidance from certified financial planners.

4. Betterment IRA: Best Robo-Advisor

   • Standout feature: Automated investment management with features like tax-loss harvesting.
   • Ideal for: New investors who want a low-maintenance, affordable option.

5. SoFi IRA: Best for Beginners

   • Standout feature: $0 fees and fractional shares (Stock Bits) for small investments.
   • Ideal for: Beginners and intermediate investors looking for low-cost, easy-to-use options.

6. Vanguard IRA: Best for Experienced Investors

   • Standout feature: Access to a wide range of ETFs and personalized portfolios.
   • Ideal for: Seasoned investors who want control over their investments.
7. Rosland Capital: Best Gold IRA
   • Standout feature: Diversification with gold and silver assets at competitive prices.
   • Ideal for: Those looking to hedge against inflation with precious metals.

Detailed Overview of the Best IRA Accounts

Let’s dive deeper into the features, pros, and cons of these IRA accounts to help you decide which one aligns with your financial goals.

Charles Schwab IRA

Charles Schwab is a top choice for its affordability and accessibility. With no setup or trading fees, Schwab’s traditional IRA is perfect for cost-conscious investors. It also offers 24/7 customer support and access to Schwab Intelligent Portfolios, a robo-advisor that manages your investments automatically. While there are no fees for stock and ETF trades, some transactions may incur costs, such as foreign exchange trades or mutual funds with transaction fees.

Fidelity IRA

Fidelity is another excellent option for retirement savers, offering $0 account minimums and commission-free trades. Its automated option, Fidelity Go, provides personalized investment advice and requires no minimum balance. For balances over $25,000, you’ll pay a 0.35% annual management fee, but you’ll gain access to unlimited consultations with Fidelity advisors. Fidelity’s learning center is also a great resource for educating yourself on retirement planning.

Ellevest IRA

Ellevest stands out with its focus on women’s financial empowerment and gender-specific investment strategies. It requires no minimum balance and offers two membership plans: Plus ($5/month) and Executive ($9/month). Both plans include access to certified financial planners and goal-based investment accounts. However, Ellevest is designed for those who value financial guidance and are willing to pay a monthly fee for it.

Betterment IRA

Betterment is one of the most affordable robo-advisors on the market. Its Digital plan has no minimum balance requirement and charges a low annual fee of 0.25%. Features like tax-loss harvesting and socially responsible investing make it a great choice for hands-off investors. However, if you want unlimited access to financial planners, you’ll need to upgrade to the Premium plan, which requires a $100,000 minimum balance.

SoFi IRA

SoFi is a great option for beginners, with $0 fees on stocks and ETFs and no minimums to get started. It also offers fractional shares, allowing you to invest small amounts in expensive stocks. While SoFi’s investment selection is limited compared to other brokers, its low fees and user-friendly platform make it an excellent choice for new investors. Additionally, SoFi offers access to certified financial planners, which is rare for a low-cost platform.

Vanguard IRA

Vanguard is a favorite among experienced investors due to its wide range of ETFs and low-cost index funds. Its robo-advisor, Vanguard Digital Advisor, requires a $3,000 minimum and charges a 0.20% advisory fee. For those seeking more personalized guidance, Vanguard Personal Advisor Services offers one-on-one consultations, but it requires a $50,000 minimum and a 0.30% fee for balances under $5 million.

Rosland Capital IRA

If you’re interested in diversifying your portfolio with gold or silver, Rosland Capital is the best option. It offers competitive pricing and transparent fees, with a $2,000 minimum to open a gold IRA. While this is higher than many traditional IRAs, it’s relatively low for gold IRAs. Rosland Capital also has a reputation for trustworthiness and excellent customer service.

How to Choose the Best IRA Account for You

With so many IRA options available, choosing the right one depends on your financial goals, investment style, and risk tolerance. Here are some factors to consider:

1. Fees: Look for accounts with low or no management fees, trading fees, and hidden costs. Some accounts, like SoFi and Schwab, offer $0 fees, while others charge annual fees based on your balance.
2. Investment Options: Decide whether you want to trade stocks, ETFs, mutual funds, or even cryptocurrencies and gold. If you’re into alternative investments, platforms like Bitcoin IRA or Rosland Capital might be your best bet.
3. Automation and Tools: If you prefer hands-off investing, consider robo-advisors like Betterment or Fidelity Go, which offer automated portfolio management and personalized recommendations.
4. Customer Support: If you’re a newbie, look for platforms with 24/7 customer support and educational resources, such as Fidelity’s learning center.
5. Minimums: Some accounts require high minimums, while others, like SoFi and Schwab, allow you to start with $1 or $0.

By evaluating these factors, you can find an IRA that aligns with your financial situation and goals.

Expert Advice on IRAs

To further guide your decision, we’ve gathered insights from financial experts about traditional IRAs. Here’s what they had to say:

Pros of Traditional IRAs

• Tax-Deferred Growth: Contributions are tax-deductible, and your money grows without being taxed until withdrawal.
• Flexibility: Traditional IRAs are easier to manage than 401(k)s, with no employer match requirements.
• Catch-Up Contributions: If you’re 50 or older, you can contribute an extra $1,000 annually.

Cons of Traditional IRAs

• Withdrawal Penalties: You’ll face a 10% penalty for withdrawing funds before age 59 ½.
• Higher Taxes Later: Withdrawals are taxed as ordinary income, which could be higher in retirement.

Who Should Choose a Traditional IRA?

• Individuals who expect to be in a lower tax bracket in retirement.
• Those without access to an employer-sponsored retirement plan.
• Self-employed individuals or business owners.

Experts recommend carefully considering your current and future tax brackets before deciding between a traditional or Roth IRA.

Final Thoughts

Investing in an IRA is one of the smartest moves you can make for your future, but choosing the right one can feel overwhelming. Whether you’re a hands-on investor or a set-it-and-forget-it saver, there’s an IRA on this list that’s perfect for you. Take your time to research, compare features, and consider your financial goals before making a decision. With the right IRA, you’ll be well on your way to building long-lasting wealth.