Though not all working Americans have access to an employer-sponsored 401(k), anyone who earns an income can contribute to an IRA. Opening an IRA is a great way to save for the future, but if you're careless about how you manage that account, you'll negate an otherwise smart move. With that in mind, here are three IRA mistakes that can really hurt your retirement in the long run -- so you'll want to avoid them at all costs.
The annual contribution limits for IRAs are much lower than those of 401(k)s, so if you have an account and aren't maxing out, or at least coming close, you're putting your retirement at risk -- especially if you're in your 40s or 50s and have only recently started saving. In fact, if you're in your 20s or 30s, you can get away with a lower contribution rate because you'll have plenty of time to grow your savings. But if you're mostly starting out later in life, you'll want to save enough to hit the annual limit, which is currently $5,500 for workers under 50, and $6,500 for those 50 and over.
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Source: Fool.com