Hey Sashana That is a good choice to set up an account with Fidelity, and have money invested on a monthly basis. I have been trying to do the same. I had a few accounts with them, but I had to cash in on my money and pay the penalty charge and taxes on my closing. I had the taxes deducted at the beginning, so I didn't have to pay a the end of the year when I file my taxes. IRA is good to have but when you withdraw your funds before the retirement date you pay a 10-20% penalty and the choice to have the taxes withdrawn at the beginning of or at the end of the year. You tend to get less in return. I learned it is best to have multiple accounts to cover emergencies and retirements. This way you have funds to daily unexpected while maintaining your investments