Managing an Existing IRA
Make an IRA contribution
Add money to an existing account for any of the following reasons:
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Regular Contribution: Make a contribution to an existing account up to your annual contribution limit.
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Direct Transfer: Move assets from one IRA account to another.
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Rollover: Roll over assets from an IRA or an employer-sponsored retirement plan.
Annual Contribution Limits:
| Year | Under Age 50 | Over Age 50 |
|---|---|---|
| 2023 | $6,500 | $7,500 |
| 2024 | $7,000 | $8,000 |
You can make 2024 IRA contributions until April 15, 2025.
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Make an IRA Withdrawal
Withdraw money from an existing account for any of the following reasons:
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Make a normal withdrawal from an existing account
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Move money through a rollover or direct transfer
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Withdraw a previous contribution
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Withdraw if you are disabled
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Settle a federal tax levy
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Cancel a new IRA within 7 days of opening it
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Add/Change Beneficiary
Naming a beneficiary is highly recommended. Without naming a beneficiary, you run the risk of having your IRA assets paid to your estate and subject to probate. Refer to your IRA plan agreement to verify how your IRA assets will be distributed.