106 Things We Do For Clients, No. 29

by | Jun 14, 2017 | *Financial Awakenings, Fee Only Financial Planning

No. 29 of 106 Things We Do For Clients

Review your existing IRAs. You might be thinking, “what can possibly go wrong with an IRA?” Yet some common mistakes can literally defeat much of the benefits. These include neglecting to maintain accurate beneficiary information, contributing to a Roth IRA when you don’t quality, not tracking nondeductible IRA contributions, not taking required minimum distributions or taking incorrect amounts, not properly executing 60-day rollovers, not protecting IRA assets from creditors, improperly allocating asset classes, taking lump-sum distributions, converting a traditional IRA to a Roth IRA, and forgetting about recharacterization.

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