IRA Management: Avoid Financial Losses
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Individual Retirement AccountMoneywise
•Business
Business & Economics
I'm 60, single, and I’m scared I'm going to blow the money in my IRA and ruin my retirement. What should I do?
67% Informative
55.5 million U.S. households — roughly 42% of households throughout the country — reported having an IRA in 2023 .
Unlike 401(k) accounts, IRAs give you a great deal of flexibility to invest in virtually anything you like.
If you take money out of your IRA before the age of 59 , you will be charged a 10% penalty on the withdrawn funds.
Failure to take out your RMD could lead to a penalty equal to 25% of the amount you should have withdrawn.
In 2025 , you’re allowed to contribute $ 7,000 to your IRA if you are 50 or under.
Older Americans can also make an additional $1,000 catch-up contribution for a total of $ 8,000 .
The closer you can get to maxing out your annual contributions, the more money you'll have to grow.
You'll also want to make sure you invest in the right kind of IRA.
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informal
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English
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