IRA Mistake #2:
Not Knowing the Contribution Limit

Sometimes the most common mistakes are also the easiest to correct. Not knowing your contribution limit is a common mistake that can cost you thousands. On one hand, if you don't contribute the maximum allowable amount into your IRA, you are missing out on some good tax deductions and tax-deferred earnings. On the other, if you over-contribute, you will have to pay a stiff penalty.

Our handy IRA calculator will tell you exactly how much you are allowed to contribute to your IRA.

Get the latest information on IRA Eligibility and Contribution Limits here.

Next: IRA Mistake #3: Not Naming a Beneficiary