Avoiding Common IRA Mistakes
IRA Account owners often feel in over their heads. It often seems that the rules as to how much can be saved each year, when and how distributions are made, and who can be a beneficiary are complex and intimidating. This article will help you identify and avoid common mistakes. Stretching the Wrong Way Let's say that you have been contributing to your IRA for years now. And let's assume it's been consistently earning an average of somewhere between 6% to 8% a year in mutual funds. Upon reaching retirement, you decide at age 70 to begin taking the IRS-required Minimum Required Distributions ('MRDs') at roughly 4% a year (in order to make the money last longer). ...
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