5 IRA Mistakes to Avoid and Get the Most Bang for Your Buck
Contributing to an individual retirement account (IRA) can be a tax-advantaged* way to set money aside for your post-career life. As long as you follow a few golden rules to make your money work harder for you, that is. Here, we share five of the most common — and potentially costly — IRA mistakes to avoid.
Mistake #1: Not having an IRA
Nearly anyone with earned income (money made from working, not from Social Security or investments) can open and contribute to an IRA. Even if you don’t have a job, you can still have an IRA if your spouse has earned income.
These broad eligibility guidelines and the tax advantages of an IRA make it a strong choice when you’re considering long-term retirement investments. It’s particularly true if you don’t have an employer-sponsored retirement plan.
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Source: Westfield Bank