Required Minimum Distributions (RMDs)
Missing RMDs triggers steep penalties, unnecessarily draining your IRA as you approach retirement age.

Ignoring Tax Impact
Failing to account for tax implications could drain your IRA faster than anticipated, leaving you with less income.

Procrastinating Contributions
Delaying contributions means losing out on compound growth, jeopardizing your long-term retirement goals.

Ignoring Professional Advice
Going without expert guidance can result in poor investment choices and missed opportunities, draining your IRA over time.

Relying Solely on Employer Plans
Only contributing to employer-sponsored plans and neglecting an IRA can limit your investment options and potential growth.

Neglecting Diversification
Relying too heavily on one asset type within your IRA increases risk, potentially draining your account in a downturn.

Underestimating Inflation
Failing to account for inflation means your retirement savings could lose purchasing power, shrinking your future income.

Choosing High-Risk Investments
Investing in high-risk assets without understanding potential losses can severely deplete your IRA balance.

Failing to Review Beneficiaries
Outdated or missing beneficiaries can result in your IRA going to unintended heirs or being taxed inefficiently.