Avoid These Common IRA Mistakes
IRA’s (Individual Retirement Accounts) are a vital tool in retirement planning. Younger investors may prefer the Roth IRA, while baby boomers may choose the traditional IRA. When you retire, you may want to convert all your retirement assets into a rollover IRA. So many choices and even more options can leave somebody overwhelmed on what the right IRA to choose when planning for retirement. If you have an IRA, be sure to avoid these 12 mistakes:
1. Not taking advantage of the stretch distribution option or not establishing it properly.
The “stretch IRA” is a way for each IRA beneficiary to maximize payouts over his or her entire life expectancy. Properly designating beneficiaries and informing them of the IRA owner’s “stretch” intentions are key to making this strategy work.
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