Today we’re going over a few different mistakes that we see people make with Roth IRAs! Before we get to the topic, we now have a show sponsor! We are proud to partner with Flaviar! If you’ve been following us for a while, you know we’ve been big fans of Flaviar since we found them.

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Roth IRAs are an excellent way to save for retirement and can provide tax-free income in the future. Unfortunately, many people make mistakes when it comes to managing their Roth IRA accounts. Here are four common mistakes to avoid when it comes to Roth IRAs.

1. Not Contributing Enough: One of the biggest mistakes people make with Roth IRAs is not contributing enough. The maximum annual contribution is $6,000, and many people don’t take full advantage of this. Even if you can only contribute a small amount each year, it’s important to contribute as much as you can to maximize the potential growth of your Roth IRA.

2. Not Taking Advantage of Catch-up Contributions: If you’re over 50, you can take advantage of catch-up contributions, which allow you to contribute an additional $1,000 to your Roth IRA each year. This can help you save for retirement more quickly and efficiently.

3. Not Diversifying: Another mistake people make with Roth IRAs is not diversifying their investments. It’s important to spread your investments across different asset classes, such as stocks, bonds, and cash, to reduce risk and maximize returns.

4. Not Taking Required Minimum Distributions: When you turn 70 ½, you’re required to start taking required minimum distributions (RMDs) from your Roth IRA. If you don’t take these RMDs, you’ll be subject to a 50% penalty on the amount you should have withdrawn.

Managing a Roth IRA can be complicated, but it’s an important part of planning for retirement. By avoiding these four common mistakes, you can ensure that your Roth IRA is working for you and helping you to achieve your retirement goals.