Save for Retirement and Don’t Make IRA Mistakes

Want a nest egg when you retire? Start early and save often. By now, we are all pretty much aware that an IRA is a good way to support your retirement efforts. However, it is also important to avoid mistakes along the way, according to Born2Invest in “Retirement planning: 8 common IRA mistakes.” Avoid these classic errors and keep that IRA growing! Not contributing. This is the biggest mistake of all. Most of your retirement income will come from money you saved while you were working, not the gains they earn. Missing a single year means missing out on the compounded growth that occurs over time. Save as much as you can. Not contributing enough. Traditional IRAs and Roth IRAs let you contribute $5,500 every year. Once you turn 50, there’s a catch-up contribution so you can contribute up to $6,500. Saving the maximum amount, lets you enjoy the benefits from a tax and savings perspective. Examining tax benefits. There are different rules for Roth IRAs, different…

Read more detail on Recent Estate Planning posts –

This entry was posted in Estate Planning and tagged , , , . Bookmark the permalink.

Leave a Reply