20 IRA Mistakes to Avoid
From contributions to conversions to distributions, don't fall into these traps.
Note: This article is part of Morningstar's Tax Relief Weekspecial report. This article originally appeared Feb. 23, 2016.
For a vehicle with an annual contribution limit of just $5,500 ($6,500 for those over 50), investors sure have a lot riding on IRAs. Assets across all IRA accounts topped $7.5 trillion dollars in 2014, making the vehicle the top receptacle for retirement assets in the U.S., according to data from the Investment Company Institute. In addition to direct annual contributions, much of the money in IRAs is there because it has been rolled over from company retirement plans of former employers.
Christine Benz does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.