Maximize your IRA contributions

From contribution limits and deadlines to how to contribute online, here’s what you should know before making your traditional or Roth IRA contribution:

Contribution limits

$6,500 for 2023 and $7,000 for 2024 or $8,000 if you're age 50 or older.

Note: Review the IRA Comparison Table to determine whether you are eligible to contribute to a Roth IRA.

Contribution deadline

Traditional and Roth IRA contributions for 2023 are due April 15, 2024.

Link your bank account to buy shares

You can buy shares for your IRA with a linked bank account. If your bank account isn’t linked with your American Funds account, you’ll receive step-by-step instructions when buying fund shares. Be sure to have a check or your bank account information on hand.

Exchange shares from another account

You can also exchange shares to contribute to your IRA by moving money from an existing individual or joint American Funds account. Keep in mind that the IRS considers the movement out of the nonretirement account a taxable event.

Set up an automatic investment plan

You can automatically invest a specified dollar amount on a recurring basis in one or more funds in your account. Take the following steps to set up a plan.

1. Log in to your account
2. On the Your Portfolio screen, click Automatic Transactions next to the account for which you’d like to set up a plan
   
3. Next to Investments, click Add New