Once you’ve opened an IRA, the next step is to fund it. If you have earned income for the current taxable year, you are eligible to make contributions up to the current annual limit amount. The more you can contribute to your IRA, the more you can potentially benefit from tax-advantaged growth and the more progress you can make toward your retirement savings goals.
Contributing to an IRA has never been easier. Fidelity offers you four different ways to contribute to your existing IRA:
- Contribute to an IRA online.1
Set aside money anytime day or night—before you have a chance to spend it.
- Automate your IRA contributions.
It’s an easy way to make sure you invest on a regular basis. Set up monthly, automated contributions to save more while keeping it off of your to-do list.
- Contribute using your mobile device. iPhone®, iPad®, and Android™ users can contribute using Mobile Check Deposit for Traditional and Roth IRAs.
- Mail a check to Fidelity.
Print and complete an IRA deposit slip, and mail it along with your check to the Fidelity address on the form.
Make regular contributions to your IRA
By trying to contribute the maximum amount every year to your IRA, you’re giving more of your money more time for potential growth. For example, one $5,500 contribution made today could be worth over $58,721 by the time you retire.2
If contributing to the maximum isn’t possible, investing even smaller amounts today could still add up to sizable retirement savings tomorrow.
For savers 50 and older
Investors age 50 and over can contribute $6,500 to an IRA for 2014 and $6,500 for 2015. The extra $1,000, called a “catch-up” contribution, is a great way to boost savings when retirement is around the corner.
Over a span of 20 years, investors who make the maximum catch-up contribution could have almost $44,000 more in their IRAs than investors who didn’t take advantage of catch-up contributions.3