Three Potentially Costly IRA Mistakes That Are Easy to Avoid

An IRA is a great savings tool, but it does come with some rules that can trip up a lot of people. Find out more here about beneficiaries, after-tax contributions and RMD tables.

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Mistakes happen. But mistakes with an IRA can be costly. Consider the fact that the penalty for missing a required minimum distribution (RMD) could be 25% of the amount not withdrawn (10% if the missed RMD is taken by Dec. 31 of the second year following the year it was due)!

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Michael Aloi, CFP®
CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.