How can I set up my SIMPLE IRA through WealthRabbit?
Follow the below steps to set up your SIMPLE IRA account through WealthRabbit.
Step 1: You will receive an email once your employer has invited you to access the SIMPLE IRA plan. Click ‘Set Up SIMPLE
IRA’ to set up a new employee's SIMPLE IRA account.
Step 2: You will land on the page where you can create the password for your account. Click ‘Continue’ upon creating the
password.
Step 3: WealthRabbit requires you to enable two-factor authentication for your account. Add your phone number, and click
‘Get code.'
Step 4: Enter the verification code sent to your phone number. Click ‘Verify’ upon entering the verification code.
Step 5: Click ‘Next’ to proceed with the authenticator app. You also have another opportunity to change your account
recovery phone number.
Step 6: Next, you will be asked to enable two-factor authentication using an authenticator app. Click ‘Setup’ to
proceed.
Step 7: Scan the provided QR code to get the 6-digit verification code. You can also get this code by manually entering
the ‘secret key’ in your authenticator app. Click ‘Verify’ upon entering the verification code.
Step 8: Click ‘Next’ once the authenticator app is successfully linked to the account.
Step 9: You will now land on the page where you can access the backup codes. Click on ‘Reveal Codes’, and download the
codes to keep them secure for future use.
Step 10: After downloading the backup codes, click ‘Finish’ to proceed.
Step 11: Next, you’ll receive the below welcome message from WealthRabbit, and you can click ‘Setup SIMPLE IRA’ to
continue setting up your account.
Step 12: Add all of the required fields under ‘Basic Information’, and click ‘Save and Continue’ when finished.
Step 13: Add all of the required fields under ‘Investment Profile’ and click ‘Save and Continue’ when finished.
Step 14: Provide your responses under ‘Risk Tolerance Assessment’ and click ‘Save and Continue’ to proceed.
Step 15: WealthRabbit recommends an investment portfolio based on your responses to the risk tolerance assessment. To
make any changes, you can take the assessment again. Click ‘Save and Continue’ upon reviewing and agreeing to the
recommended portfolio.
Step 16: Enter your contribution rate and confirm it by clicking ‘Save and Continue’.
Step 17: Add both the primary and contingent beneficiaries to your account. Typically, primary beneficiaries inherit
your SIMPLE IRA account upon your passing, and contingent beneficiaries will inherit your account in the event of the
passing of the primary beneficiaries. Click ‘Add Beneficiaries’ to add all the required beneficiaries.
Step 18: Ensure that the share percentage of your beneficiaries adds up to 100%. You can split the share percentage
equally among all the added beneficiaries if desired. Click ‘Save and Continue’ after adding the primary beneficiaries
and their assigned shares.
Step 19: Enter the trusted contact information and click the "Save and Continue" option.
Step 20: To complete the setup of your account, you need to e-sign the all required agreements. Click the ‘E-Sign’
button to e-sign each agreement generated by WealthRabbit and submitted by your employer. Click ‘Save and Continue’
after signing all available agreements.
Step 21: Review your account summary and you make changes if needed. Click ‘Submit’ after verifying all the provided
information.
You will be notified via email once the setup is completed.