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While opening an IRA is simple, the rules surrounding contributions, withdrawals, and rollovers can be complex, leading to costly mistakes. Here are some key takeaways to help you make the most of your IRA:

📌 Start Early: Contributing at the beginning of the year gives your money more time to grow

📌 Choose the Right Type: A Roth IRA isn’t always the best choice. Traditional IRAs may provide more tax benefits depending on your situation.

📌 Mix Contributions: If you're unsure about future tax rates, splitting your contributions between traditional and Roth IRAs can provide flexibility

📌 Don’t Forget Your Spouse: Even non-working spouses can contribute to an IRA if their partner earns enough income

📌 Be Strategic with Withdrawals: Required Minimum Distributions (RMDs) start at age 73 for traditional IRAs. If you don’t need the money, consider reinvesting or donating via a Qualified Charitable Distribution (QCD) for tax benefits.

📌 Understand Tax Rules: A poorly planned rollover or backdoor Roth IRA conversion can trigger unnecessary taxes

📌 Check Beneficiary Designations: Outdated designations can lead to unintended consequences, so review them periodically

Keep in Mind: You have significant retirement benefits to reap from IRAs, but navigating the rules wisely (and with professional guidance) can help you avoid penalties, maximize growth, and reduce taxes.