Charles Schwab has unveiled a new online application process for opening and funding an individual retirement account designed to take no more than 15 minutes, the company announced.
Called the “15-Minute IRA,” the application itself steers investors to four Schwab target-date funds that automatically readjust as they approach retirement. Or, investors can search for alternative funds. The tool also helps investors select which type of an IRA to select.
In conjunction with this announcement, Schwab also released research that shows that 44% of investors between the ages of 25 and 40 are looking for a simpler way to save for retirement.
“The process of opening an IRA and selecting investments can be intimidating, particularly for someone who may be newer to investing,” said Rene Kim, senior vice president for Schwab investor services.