How does one set up a qualified individual retirement account?

What will be an ideal response?

Answer: Because of the IRS regulations concerning tax-advantaged retirement accounts, you must set up an account with a Plan Administrator such as a Bank, Mutual Fund or other Financial Institution. The Plan Administrator ensures that all IRS regulations are followed and provides the IRS and account holder with the appropriate tax documents. Typically there is a nominal fee or minimum starting deposit to open up an individual retirement account.