How to Make Your IRAs Easier to Manage

Planning for retirement is one of the most important parts of your long-term financial health, but managing multiple accounts, rules, and investment options can feel overwhelming. Individual Retirement Accounts (IRAs) are powerful tools for growing your savings, yet many people find themselves juggling several accounts or unsure if their investments still align with their goals. 

At Allgood Financial, located in the Nashville, TN area, we strive to help our clients “do all good things” by simplifying complex financial decisions and building strategies that last for generations. If your IRAs feel scattered or hard to track, here’s how you can make them easier to manage—and more effective for your future. 

Consolidate Your IRAs When Possible 

One of the simplest ways to reduce confusion is to consolidate your accounts. Over the years, it’s easy to accumulate multiple IRAs—perhaps from job changes, rollovers, or old investment strategies. Managing several accounts can mean: 

• More paperwork and tax documents
• Conflicting investment strategies
• Missed required minimum distributions (RMDs)
• Overlapping or redundant investments 

By consolidating your IRAs into one account (when tax rules allow), you can streamline recordkeeping and get a clearer picture of your overall portfolio performance. 

How consolidation helps 

• Easier tracking: You’ll see all your holdings and growth in one place.
• Simplified withdrawals: Especially helpful when you reach RMD age.
• Lower fees: Many institutions offer reduced costs when you maintain higher balances. 

Before consolidating, make sure to work with a fiduciary financial advisor who can help you avoid potential tax penalties or missed benefits. For example, certain IRA types (like SIMPLE or SEP IRAs) may have unique rollover restrictions. 

Learn more about IRA rollovers from the IRS’ official guide. 

Automate Your Contributions 

If you struggle to make consistent contributions, automation can be your best ally. Setting up automatic monthly transfers from your checking account ensures you’re steadily building your retirement savings without having to think about it. 

Many Nashville-area professionals, especially those who are self-employed or run small businesses, find this approach helps maintain financial discipline. 

Benefits of automating your IRA: 

• Consistency: Small, regular deposits add up faster than sporadic lump sums.
• Dollar-cost averaging: Investing regularly helps smooth out market volatility over time.
• Peace of mind: Once it’s set up, you can focus on your life—not on remembering to contribute. 

If your income fluctuates (for instance, if you work in Nashville’s creative or entertainment industries), you can still automate at a smaller base amount and make additional contributions during higher-earning months. 

Review and Rebalance Your Portfolio 

Market conditions change, and your investments need to as well. Over time, certain assets may outperform others, throwing your portfolio off balance. That’s why it’s important to review your asset allocation at least once a year. 

For example, if your target mix is 70% stocks and 30% bonds, but your stocks have grown significantly, you may now be sitting at 80/20, taking on more risk than intended. 

Rebalancing restores your intended risk level and ensures your IRA continues to align with your goals, time horizon, and comfort with market fluctuations. 

If you’re not sure where to start, an advisor at Allgood Financial can conduct a comprehensive IRA review to help optimize your investments based on your risk profile and retirement timeline. 

For an overview of asset allocation strategies, visit FINRA’s investor education guide. 

Simplify Beneficiary Designations 

It’s easy to overlook, but keeping your IRA beneficiaries up to date is crucial. Life events like marriage, divorce, or the birth of a child can make your old designations outdated. 

Without updated beneficiaries, your IRA might not be distributed according to your wishes, creating unnecessary complications for your loved ones. 

To make things easier: 

• Review beneficiary designations annually.
• Name both primary and contingent beneficiaries.
• Coordinate with your estate plan and other accounts. 

At Allgood Financial, we often integrate beneficiary planning into your overall wealth strategy, ensuring your IRAs fit seamlessly into your long-term estate and legacy goals. 

Use Technology to Stay Organized 

Today’s retirement planning tools make it easier than ever to stay on top of your IRAs. Many Nashville investors now use secure digital dashboards to monitor balances, track contributions, and analyze growth trends across multiple accounts. 

Some of the best practices include: 

• Link all accounts (IRAs, 401(k)s, taxable brokerage) in one platform.
• Set up alerts for RMD deadlines or contribution limits.
• Enable paperless statements to reduce clutter and improve security. 

If you work with Allgood Financial, you’ll have access to tools and insights that make tracking and managing your IRAs seamless—without sacrificing personal service or the trusted relationship you expect from a local Nashville financial advisor. 

Stay Current on IRA Rules and Limits 

IRS rules around contributions, distributions, and catch-up contributions change frequently. For example, under the SECURE 2.0 Act of 2022, the age for required minimum distributions (RMDs) increased, and catch-up contribution limits for older investors expanded.  And the One Big Beautiful Bill Act (OBBBA) passed in July of 2025 included yet more changes on contribution limits for certain individuals ages 60-63, among other changes. Knowing these updates ensures you don’t miss out on tax advantages or accidentally trigger penalties. 

As of 2025: 

• The annual contribution limit for IRAs is $7,000, or $8,000 if you’re 50 or older.
• RMDs must begin at age 73 for most account holders.
• Catch-up contributions may increase in coming years, indexed for inflation. 

For the most current data, see the IRS IRA contribution and deduction limits. 

A Nashville-based financial advisor can help you interpret how these federal rules apply to your specific situation and state tax environment. 

Partner with a Trusted Financial Advisor 

Ultimately, the easiest way to manage your IRAs while maximizing their value is to work with a professional who understands your personal goals, not just your account balances. 

At Allgood Financial, we believe in building relationships that last for generations. Our approach goes beyond managing investments: we help you integrate your IRAs into a complete financial plan that supports your family, your retirement, and your peace of mind. 

When you work with us, you can expect: 

• Personalized investment guidance tailored to your risk tolerance and goals.
• Ongoing monitoring and adjustments as your life changes.
• Clear explanations and transparent communication.
• Local expertise with the warmth of a trusted Nashville neighbor.