18 IRA Mistakes That Could Cost You Thousands! (Avoid These at All Costs!)

The Personal Finance Podcast

Andrew Giancola

Entrepreneurship, Investing, Business

4.6 • 1.2K Ratings

🗓️ 17 March 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Personal Finance Podcast, we're going to talk about the common IRA mistakes that can cost you in retirement. From waiting too long to contribute to misunderstanding Roth conversions, we break down the smartest strategies to maximize your tax advantages and long-term wealth. Whether you’re nearing retirement or just starting out, these insights will help you make the most of your IRA. How Andrew Can Help You: Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining Index Fund Pro! This is Andrew’s course teaching you how to invest! Watch The Master Money Youtube Channel! , Ask Andrew a question on Instagram or TikTok. Learn how to get out of Debt by joining our Free Course Leave Feedback or Episode Requests here. Car buying Calculator here Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at shopify.com/pfp Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Thanks to Fundrise for Sponsoring the show! Invest in real estate going to fundrise.com/pfp Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Go to joindeleteme.com/pfp20 for 20% off! Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Turn your business dream into reality! Apply now at www.oneday.org/pfp Go to Acorns.com/pfp and start automating your investments and get a $5 bonus today! Delete Me: Use Promo Code PFP for 20% off! Links Mentioned in This Episode: 9 Ways to Double Your Savings (THIS Month!) The Mega-Back Door Roth IRA (How to Get an Extra $43,500 in Your Roth!) 10 Incredible Benefits of a Taxable Brokerage Account! Connect With Andrew on Social Media: Instagram TikTok Twitter Master Money Website Master Money Youtube Channel Free Guides: The Stairway to Wealth: The Order of Operations for your Money How to Negotiate Your Salary The 75 Day Money Challenge Get out Of Debt Fast Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	On this episode of the Personal Finance Podcast, 18 IRA mistakes you need to avoid.
0:29.7	What's up everybody and welcome to the personal finance podcast? I'm your host,
0:36.0	Andrew founder of MasterMoney.com. And today on the personal finance podcast, we're going to be talking about 18 IRA mistakes you need to avoid.
0:40.0	If you guys have any questions, make sure you join the Master Money newsletter by going to
0:44.2	mastermoney.co slash newsletter. And you can join the newsletter there and ask any questions
0:49.8	each and every single week. And don't forget to follow us on Spotify, Apple Podcasts, YouTube,
0:55.5	or your favorite podcast player really does help out the show when you follow the podcast.
1:00.5	And we have tons of great content coming out every single week. And if you're getting value
1:05.3	out of this show, consider leaving a five-star rating and review on Apple Podcast, Spotify, or
1:10.0	your favorite podcast player. Now, today,
1:12.4	we are going to be diving into these 18 IRA mistakes that you need to avoid. And I think there's a
1:18.0	lot of common misconceptions when it comes to the Roth IRA and the traditional IRA. And I want
1:23.4	you to avoid these mistakes at all costs. Why? Because some of these could cost you thousands of dollars. And I want you to have the knowledge in place so that you to avoid these mistakes at all costs. Why? Because some of these could cost you
1:27.7	thousands of dollars and I want you to have the knowledge in place so that you can avoid
1:31.7	this at all costs. Now we have tons of stuff to dive into, so I'm not going to waste any more
1:37.6	your time. Let's get into it. All right. So the first one is for my folks who are in their 40s or their 50s or even their 60s.
1:46.9	And it is not contributing to an IRA later in life. So most people think that they are way too old to contribute to an IRA.
1:54.9	But that is no longer true. So because of the Secure Act, the age limit for IRA contributions has been removed. This
2:03.6	allows people to keep on investing for retirement as long as you have earned income. So one big
2:08.8	thing that comes up when you have an IRA or a Roth IRA is you need to have earned income.
2:13.9	And when you have earned income, you can contribute to an IRA. Now, this is especially valuable for Roth IRAs, which have no required income. And when you have earned income, you can contribute to an IRA. Now, this is especially
2:18.2	valuable for Roth IRAs, which have no required minimum distributions. So as you start to age and as
	...

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