IRAs are supposed to be easy. The government created individual retirement accounts, or IRAs, to encourage people to save more for their retirement and provided tax benefits to make are ira safe investments more attractive.

Just go to the website of any bank or mutual fund company, such as Vanguard or Fidelity Investments, and you’ll be up and running in a matter of minutes. Then all you’ll need to do is follow these 5 smart moves to turn your IRA into a successful way to save and build real financial security for you and your family. The biggest key to every retirement plan can be summed up in one word: Contribute. Once you’ve opened an IRA, set up a regular monthly contribution through an automatic withdrawal from your paycheck or bank account. Start small, if you have to.

It’s better to get going with a modest monthly contribution than it is to wait. 5,500 annually to your IRAs until you hit 50 years old. Those are total limits for all of your IRAs. Some people set up more than one, often a traditional IRA, in which contributions are tax-deductible, and a Roth IRA, where contributions aren’t deductible but later withdrawals are tax-free. You can claim a tax deduction for a traditional IRA up to the maximum contribution, although the deduction can be limited if you or your spouse are covered by a retirement plan at work and your income exceeds certain levels. Click here to find all of the contribution rules and income restrictions for 2018. Then use this traditional IRA calculator or Roth IRA calculator to see how much your savings can grow.