Don’t Lose Money! Avoid These 13 Costly IRA Mistakes

Are you making mistakes with your IRA that could cost you thousands? In this video, I’ll walk you through 13 common IRA pitfalls that could be hurting your retirement savings, triggering unnecessary taxes, or even leading to hefty penalties. Whether you're contributing late, misunderstanding Roth conversions, or forgetting about required minimum distributions (RMDs), these mistakes can have a major impact on your financial future. Mistakes: 1. Waiting until the last minute to contribute (can cost you $42K!) 2. Assuming a Roth IRA contribution is best 3. Attempting a Backdoor Roth Conversion when you have pre existing IRAs 4. Not Contributing to an IRA Later in Life 5. Not utilizing Spousal IRA Contributions 6. Investing in tax advantaged securities 7. Taxable IRA Rollover 8. Forgetting your RMD 9. Not taking advantage of Qualified Charitable Distributions (QCD) 10. Not updating your IRA beneficiaries 11. Not being up to date on the rules with inherited IRAs/Roths 12. Not Understanding the 5-Year Rule for Roth IRAs 13. Not Considering a Roth Conversion During Low-Income Years ________________________________________________________ Check out my website to learn more or connect with me: https://Sophoswm.com/ Scott Caufield, CFA, CPA is an investment advisor and the founder of Sophos Wealth Management, LLC. Sophos Wealth Management, LLC is a registered investment advisor in Woodinville, Washington. All content is for educational purposes and should not be considered financial advice. Please consult appropriate tax, legal, or financial professionals before making any financial decisions.