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Mutual Funds and Mutual Fund Investing - Fidelity Investments

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Retirement & IRAs Overview

Which IRA is right for you?

If you are interested in a Roth or traditional IRA, we can help you determine what option might be best for you.

Questions?

800-343-3548 800-343-3548
Chat with a representative

Step 1: Understand which IRA to open and fund

The IRS has certain requirements (such as age, income, and marital status) that impact how much you can contribute as well as how much you may be able to deduct.

	Roth IRA	Traditional IRA
Key tax benefits	Contributions are made with after-tax money and any potential earnings grow tax-free. Additionally, you're able to withdraw your contributions tax-free and penalty-free at any time, for any reason. Earnings can be withdrawn without taxes or penalties as long as they are eligible. (See information on withdrawals below.)	Contributions are generally made with after-tax money, but may be tax-deductible if you meet income eligibility.¹ Any potential earnings grow tax-deferred, and are not taxed until you withdraw them after age 59½.
Income requirements	There are specific IRS income limits for contributions to a Roth IRA. For example, in 2022, the upper limits are: $129,000 for single $204,000 for married filing jointly	Anyone 18 or over with earned income can contribute to a traditional IRA. However, there are specific income limits for how much might be tax-deductible.
	To better understand your eligibility, use our IRA Contribution Calculator.
Withdrawals	Earnings from a Roth IRA can be withdrawn federally tax-free and penalty-free provided that it's been 5 years since your first contribution.	You will pay taxes on your earnings and contributions when you make withdrawals.
	In addition to the above conditions, one of the following criteria must be met in order to make penalty-free withdrawals from either IRA: age 59½, qualified higher education expenses, qualified first home purchases (up to $10,000), certain major medical expenses, certain long-term unemployment expenses, death, disability.
Early-withdrawal penalties	If you make withdrawals before you are 59½, you might have to pay taxes on your earnings, plus an additional 10% tax.	If you make withdrawals before you are 59½, you might have to pay taxes on your earnings, plus an additional 10% tax.
Required minimum distributions (RMDs)	Roth IRAs do not require you to withdraw a minimum amount of money at a certain age.	Traditional IRAs generally require you to withdraw a minimum amount of money starting at 73.²

Step 2: Decide if you want to manage your investments, or if you'd like us to do it

Roth IRA

	Fidelity Roth IRA	Fidelity Go^® Roth 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 needed²	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 account³	No minimum to open an account⁴
Fees	No account⁴ or advisory fees with this type of retail account Depending on which investments you choose, there may be underlying fees	Advisory fee⁴ $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

Traditional IRA

	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 account³	No minimum to open an account⁵
Fees	No account³ or advisory fees with this type of retail account Depending on which investments you choose, there may be underlying fees	Advisory fee⁴ $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

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

You must be at least 18 years old to open an IRA with Fidelity.

For a traditional IRA, for 2022, full deductibility of a contribution is available to covered individuals whose 2022 Modified Adjusted Gross Income (MAGI) is $109,000 or less (joint) and $68,000 or less (single); partial deductibility is available 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 for joint filers with a MAGI of $204,000 or less in 2022; and partial deductibility is available for MAGI up to $214,000. If neither you nor your spouse (if any) participates in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income. For 2023 full deductibility of a contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. 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.

The change in the RMDs age requirement from 72 to 73 applies only to individuals who turn 72 on or after January 1, 2023. After you reach age 73, the IRS generally requires you to withdraw an RMD annually from your tax-advantaged retirement accounts (excluding Roth IRAs, and Roth accounts in employer retirement plan accounts starting in 2024). Please speak with your tax advisor regarding the impact of this change on future RMDs.

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.

Zero account minimums apply to retail brokerage accounts only. Account minimums may apply to certain account types (e.g., managed accounts) and/or the purchase of some Fidelity mutual funds that have a minimum investment requirement. See Fidelity.com/commissions and/or the fund's prospectus for 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 and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

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

934700.8.0

Roth IRA Contribution Limits

2022

Filing status	Modified adjusted gross income (MAGI)*	Contribution limit
Single individuals	< $129,000	$6,000
	≥ $129,000 but < $144,000	Partial contribution (calculate)
	≥ $144,000	Not eligible
Married (filing joint returns)	< $204,000	$6,000
	≥ $204,000 but < $214,000	Partial contribution (calculate)
	≥ $214,000	Not eligible
Married (filing separately)^*	Not eligible	$6,000
	< $10,000	Partial contribution (calculate)
	≥ $10,000	Not eligible

2023

Filing status	Modified adjusted gross income (MAGI)*	Contribution limit
Single individuals	< $138,000	$6,500
	≥ $138,000 but < $153,000	Partial contribution (calculate)
	≥ $153,000	Not eligible
Married (filing joint returns)	< $218,000	$6,500
	≥ $218,000 but < $228,000	Partial contribution (calculate)
	≥ $228,000	Not eligible
Married (filing separately)^*	Not eligible	$6,500
	< $10,000	Partial contribution (calculate)
	≥ $10,000	Not eligible

*Married (filing separately) can use the limits for single individuals if they have not lived with their spouse in the past year.

2022 Traditional IRA Deduction Limits — You are covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single individuals	≤ $68,000	Full deduction up to the amount of your contribution limit
	> $68,000 but < $78,000	Partial deduction (calculate)
	≥ $78,000	No deduction
Married (filing joint returns)	≤ $109,000	Full deduction up to the amount of your contribution limit
	> $109,000 but < $129,000	Partial deduction (calculate)
	≥ $129,000	No deduction
Married (filing separately)*
	< $10,000	Partial deduction
	≥ $10,000	No deduction

2022 Traditional IRA Deduction Limits — You are NOT covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single, head of household, or qualifying widow(er)	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly or separately with a spouse who is not covered by a plan at work	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work	$204,000 or less	A full deduction up to the amount of your contribution limit
	> $204,000 but < $214,000	A partial deduction (calculate)
	≥ $214,000 or more	No deduction
Married filing separately with a spouse who is covered by a plan at work
	< $10,000	Partial deduction
	≥ $10,000	No deduction

2023 Traditional IRA Deduction Limits — You are covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single individuals	≤ $73,000	Full deduction up to the amount of your contribution limit
	> $73,000 but < $83,000	Partial deduction (calculate)
	≥ $83,000	No deduction
Married (filing joint returns)	≤ $116,000	Full deduction up to the amount of your contribution limit
	> $116,000 but < $136,000	Partial deduction (calculate)
	≥ $136,000	No deduction
Married (filing separately)*
	< $10,000	Partial deduction
	≥ $10,000	No deduction

2023 Traditional IRA Deduction Limits — You are NOT covered by a retirement plan at work

Filing Status	Modified adjusted gross income (MAGI)	Deduction Limit
Single, head of household, or qualifying widow(er)	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly or separately with a spouse who is not covered by a plan at work	any amount	A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work	$218,000 or less	A full deduction up to the amount of your contribution limit
	> $218,000 but < $228,000	A partial deduction (calculate)
	≥ $228,000 or more	No deduction
Married filing separately with a spouse who is covered by a plan at work
	< $10,000	Partial deduction
	≥ $10,000	No deduction

*Married (filing separately) can use the limits for single individuals if they have not lived with their spouse in the past year.

Mutual Funds and Mutual Fund Investing - Fidelity Investments

Which IRA is right for you?

Questions?

Step 1: Understand which IRA to open and fund

Step 2: Decide if you want to manage your investments, or if you'd like us to do it

Roth IRA

Traditional IRA

Roth IRA

Traditional IRA

Roth IRA Contribution Limits

2022 Traditional IRA Deduction Limits — You are covered by a retirement plan at work

2022 Traditional IRA Deduction Limits — You are NOT covered by a retirement plan at work

2023 Traditional IRA Deduction Limits — You are covered by a retirement plan at work

2023 Traditional IRA Deduction Limits — You are NOT covered by a retirement plan at work