Opening an IRA How to open an IRA. Retirement planning can be complicated enough. You may have income from Social Security, a 401(k) or pension plan, and investments in retirement. Think of an IRA , The IRS doesn't require a minimum amount to open an IRA. However, some providers do require account minimums, so if you've only got a small amount to invest, find a provider with a low or $0 minimum., , , , .