Help Center

  • Is it possible to have a flexible investment account AND a retirement account with Swell at the same time?

    You absolutely have the option to create and own both a flexible Swell Account and an IRA account.

    If you've already opened an account, and would like to open another one alongside it, log in to your Swell account and select "Add an Account" from the "Accounts" dropdown on the navigation bar.

     

  • What types of accounts does Swell support?

    Swell offers both individual taxable brokerage accounts and Traditional, Roth, and SEP IRAs. We plan to offer additional account types in the future -- stay tuned!

     

  • Can I have an IRA and a Roth IRA?

    Absolutely -- please note that the maximum total annual contribution to all IRAs for which you are the beneficial owner cannot exceed $5,500 and $6,500 if you are 50 years and older.

  • What are the different types of IRA?

    Traditional IRA: This type of individual retirement account allows your earnings to grow tax-deferred. In other words, the funds in your traditional IRA are generally not taxed until they are withdrawn from the account in retirement. Contributions may be tax-deductible depending on the individual tax payer's situation. Any contributions to this account must cease when the account owner reaches the age of 70½.

    Roth IRA: 
    Roth IRAs are funded with after-tax dollars, meaning taxes on the money deposited into these account have already been paid. Roth IRA contributions are not tax-deductible, but qualified withdrawals from these accounts are tax-free. Roth IRA owners can continue to contribute to this account after the age of 70½.

    SEP IRA or Simplified Employee Pension IRA: This type if IRA is very similiar to the Traditional IRA, but was created specifically for self-employed individuals and small business owners. It offers tax benefits to both employees and employers. Contributions to SEP IRAs are made by employers, and they have higher contribution limits than those of a Traditional IRA.

    For more information on contributions, distributions and the tax treatment of these and other retirement accounts, please see the IRS website

  • Can I open multiple accounts?

    Absolutely. If you've already opened an account, and would like to open another one alongside it, log in to your Swell account and select "Add an Account" from the "Accounts" dropdown on the navigation bar.

  • Can I open a joint account?

    Not yet, but we are looking to offer joint accounts in the future. Keep an eye out for news from the Swell team. We will be in touch when this account type is available.

     

  • How much should I contribute to an IRA?

    Currently, the annual contribution limits for traditional and Roth IRAs are $6,000 or $7,000 if you are over 50.

    This is the amount you can contribute in total towards your retirement account per tax year. It can be split into multiple IRA accounts or it placed entirely in one. For a more detailed look at contribution limits, take a look at the IRS's website