FitBUX Member Help Center

How To Open, Transfer, and Deposit Money Into A Roth/Traditional IRA

This article details how to open a Traditional or ROTH IRA with FitBUX’s partner Betterment as well as how to deposit money into the account on a regular basis (we recommend this to take advantage of Dollar Cost Averaging).  This guide also discusses how to transfer an existing IRA or ROTH IRA from another company to FitBUX’s partner Betterment.

Below are links to jump to that section of the guide:

How to open your IRA or ROTH IRA
How To Deposit money to your IRA or ROTH IRA
How To Transfer and Existing IRA or ROTH IRA to FitBUX’s Partner Betterment

 

How To Open Your IRA Or ROTH IRA

 

Step 1: If you haven’t already done so, click the button below to start the account opening process.

Step 2: Enter your email address and choose a password.

Step 3: Enter your contact information.

Step 4: Enter your Identity verification information.

Step 5: Enter your employment status.  This is needed by Betterment for risk and suitability analysis.

Step 6: Enter financial information.  This is also needed by Betterment for risk and suitability analysis.

Step 7:  Only answer yes to these questions if they are true.  If they are true, you may have to answer a few additional questions.

Step 8: Adding a beneficiary.  If you have a will or a trust and name a beneficiary in those then you don’t necessarily have to complete this section.  However, if you’d like to add a beneficiary you may do so. You can also do it after the account has been opened.

Step 9:  Select security questions and answers as well as agree to both Betterment’s and FitBUX RIA LLC’s terms and conditions.

Step 10: From your Betterment dashboard, click “Add New” from the left hand menu.

Step 11: Choose “Plan For Retirement”

Step 12: If you’ve already set up one retirement goal, you can add this new account to existing goal. If you haven’t choose “Create New Retirement Income Goal.”

Step 13:  Choose ROTH IRA or Traditional IRA for the account type that you’d like to open.

Step 14: Tax coordination only makes sense if you also have a taxable account opened with Betterment.  If you don’t, you can choose to leave this on or turn it off.

Step 15:  Agree to the account opening terms.

Step 16: Deposit and/or transfer money to your new account.  Read below for instructions on how to do both of these actions.

How To Deposit Money To Your IRA or ROTH IRA

The easiest & recommended way to deposit money is through a linked account which we detail below.  However, if you can’t link your account you can also connect it via routing and account numbers.

Funding Your Account Through A Linked Account

Step 1: Go to your home screen and click “Deposit.

 

Step 2: Click “Add a bank account” and follow the prompts.

Step 3:  After you link your account you may have to confirm the information via micro deposit (this could take up to 24 – 48 hours).  There will be a message if you need to do so. Once you do that, click “Deposit” in the upper right hand corner of your home screen.

If you don’t have to confirm via micro deposit, you can continue on the same screen, i.e. the “Set-up deposit” screen you already should be on.

Step 4: Select the frequency and the dollar amount.  We recommend making contributions either monthly or each pay period, whichever is more frequent.

Step 5: Review and Confirm deposit

Depositing Money Via Routing & Account Number

Step 1: Click “Settings” from your Betterment dashboard.


Step 2: Click “Funding Accounts”

Step 3: Click “Add Account”

Step 4: Betterment will deposit two micro deposits into your account in 24 – 48 hours. Once you see the deposits log back into Betterment and confirm them.

Step 5: Once you confirm the deposit, go to the Betterment dashboard and click “Deposit” in the upper right hand corner.  Follow the prompts from there and you are done.

How to Transfer an Existing IRA or ROTH IRA

If you haven’t already done so, we highly recommend logging into your existing retirement account or calling them and instruct them to sale all the assets, i.e. you want the account to be in cash. It makes the transfer process a lot faster and easier.

There are two ways to transfer funds.  The first is the easiest:

Method 1

Step 1: Make sure you have opened your IRA or ROTH IRA using the directions above.

Step 2:  The easiest way to transfer an account is by linking it to your new Betterment account.  To do so go to your home screen on Betterment, scroll down and select “Sync External Accounts.” If your company is listed continue to step 3a.  If your company isn’t listed on the linking screen then scroll down to method 2 below to transfer your funds.

3: Return to your home screen and scroll down to other linked accounts.  Select “Start Roll Over/Transfer.” From there follow the prompts and you are finished. If you have any issues message your FitBUX Coach.

Method 2

Step 1: Make sure you have opened your IRA or ROTH IRA using the directions above.

Step 2: If you can’t link your retirement account then go to the home screen and select “Transfer or Rollover” from the upper right corner then select “Rollover to Betterment.”

 

3: Select “Retirement Account”

Step 4: Select “IRA”

Step 5: On the next screen select what type of account you are transferring.  If you don’t know the account type, send your FitBUX Coach a copy of your account statement and they’ll be able to tell you.

Step 6: Enter the name of your provider.  If you don’t see it select other.

Step 7:  Follow the instructions that Betterment provides. Each company differs so if you have any questions please ask your FitBUX Coach.

Step 8: Let your FitBUX Coach know you completed the rollover docs and wait for the funds to arrive.