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April 24, 2024

10 IRA Mistakes to Avoid (Ep. 23)

Are you making the most of your IRAs to secure a bigger, bolder retirement? 

In this installment of The Retirement Engineer, Jim Kruzan CFP®, CRPC® dives into the world of Individual Retirement Accounts (IRAs), uncovering the most common pitfalls that could derail your retirement savings. 

From the evolution of IRAs to innovative strategies for maximizing your retirement nest egg, this episode is packed with real-life stories and insights. Whether you’re an early career professional or nearing retirement, follow along to explore the crucial IRA choices and mistakes to avoid, to get you on the right track. 

The 10 mistakes Jim discusses are: 

  • Misunderstanding IRA Types and Contribution Strategies
  • Procrastination and Last-Minute Contributions
  • Neglecting Spousal Contributions
  • Not Maximizing Catch-up Contributions
  • Required Minimum Distributions (RMDs) Mismanagement
  • Early Withdrawal Penalties and Exceptions
  • Mismanaging Nondeductible Contributions and Backdoor Roth IRAs
  • Ignoring Later-Life Contributions
  • Rollover Pitfalls
  • Failing to Update Beneficiaries and Ignoring Inheritance Rules

Resources:

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