Get a quick start saving for retirement with a ReadyChoiceSM IRA—an all-in-one investment solution for investors looking to open a new IRA. This solution pairs a Traditional or Roth IRA with a recommendation for a T. Rowe Price Retirement Fund.

And if your needs change, you always have the option to select another target date fund or choose from more than 100 T. Rowe Price mutual funds.

Get Started Now

ReadyChoiceSM IRA is currently available for individuals looking to make annual IRA contributions to a Roth or Traditional IRA. If you are interested in a Rollover IRA, learn about your rollover options.

Your ReadyChoiceSM IRA Is Ready to Go

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Just select the new IRA that’s right for you, and get started with a T. Rowe Price Retirement Fund recommendation based on the year you turn 65.

Feel confident that your retirement savings is invested in a diversified portfolio designed to help you reach your retirement goals.

About Our Highly Rated Retirement Funds

 

The Retirement Funds are invested in a highly diversified lineup of specially selected T. Rowe Price funds. The overall mix of stocks and bonds changes over time to a more conservative allocation, depending upon your retirement timeline.

 

All 12 of our Retirement Funds have earned 4- or 5-star Overall Morningstar Ratings as of 12/31/19.1 Invest in funds that have received top ratings from a leader in independent investment research.

 

Our portfolio managers focus on carefully balancing market, inflation, and longevity risks—striving to help you build a retirement nest egg that lasts.

Choose the ReadyChoiceSM IRA That's Right for You

For 2019 and 2020, you can contribute up to $6,000 to your IRA ($7,000 if you are age 50 or older).

Roth IRA
  • Pay taxes now and enjoy tax-free qualified withdrawals later

  • Eligibility income limits

  • No required minimum distributions for the original owner

Traditional IRA
  • Receive potential tax deductions now and pay taxes when withdrawn

  • No eligibility income limits

  • Withdraw at any time for any reason

Compare Roth Versus Traditional IRA Options ▾
  Roth IRA Traditional IRA
Taxes Contributions made are not deductible. Contributions made can be tax-deductible or nondeductible. Deductibility of contributions depends on active participation in a retirement plan and your modified adjusted gross income (MAGI) not exceeding certain amounts.
Withdrawal of contributions
Withdraw anytime without taxes or penalties. Withdraw anytime, but deductible contributions are taxable and generally subject to penalties if withdrawn before age 59½.
Withdrawal of earnings Tax- and penalty-free when withdrawn at age 59½ if account has been active for at least five years.
Taxable when withdrawn and generally subject to penalties if withdrawn before age 59½.
Age restrictions None.   None for taxable years beginning in 2020. For taxable year 2019, you must be under age 70½ to make a 2019 contribution.
Eligibility May contribute only if, depending on filing status, MAGI does not exceed certain amounts. You must have U.S. earned income.
No income limit restrictions on contributions. You must have U.S. earned income.
Required minimum distributions (RMDs) None during your lifetime. If you turn 70½ on or before 12/31/19, you must take your first RMD the year in which you turn 70½ and then by December 31 each following year. If you haven’t reached 70½ on or before 12/31/19, you must take your first RMD the year in which you reach 72 and then by December 31 each following year. Please note that in either situation, you can delay taking your first RMD until April 1 of the year after you reach RMD requirements. If you defer taking your first RMD until April 1, you will still be required to take another (your second) RMD prior to December 31.
What are the contribution limits?

For the 2020 tax year:

  • If you are 49 years old or younger, you can contribute a maximum of $6,000
  • If you are 50 years old or older, you can contribute up to $7,000
Depending on your income, contribution limits may be lower.

For the 2020 tax year:

  • If you are 49 years old or younger, you can contribute a maximum of $6,000
  • If you are 50 years old or older, you can contribute up to $7,000
Depending on your income, contribution limits may be lower.
Will my contributions be deductible when I file my taxes? Roth contributions are not deductible.

You may be eligible to deduct all or a portion of your Traditional IRA contributions depending on you and/or your spouse's retirement plan eligibilty and adjusted gross income.

What are the contribution deadlines in a given year? Your tax return filing deadline (not including extensions). Your tax return filing deadline (not including extensions).

Not sure yet? We can help. Call 877-773-1357

The T. Rowe Price Retirement Fund Recommendation Service is a nondiscretionary advisory service provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds, T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons.

All investments involve risk, including possible loss of principal. Diversification does not ensure a profit or protect from a loss in a declining market.

1Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars, and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. As of 12/31/19, 12 of 12 of our Investor Class Retirement Funds received an overall rating of 5 or 4 stars.

The Morningstar Rating™ for funds, or “star rating,” is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Source for Morningstar data: ©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.