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The 7 most common IRA mistakes people make Many IRA investors make a number of mistakes, such as not maxing out contributions to their accounts, paying unnecessary penalties on withdrawals, and not updating their beneficiaries after a life event such as death or divorce, according to this article on MarketWatch. Many non-working spouses also are allowed to have an IRA but fail to open this type of account. Many IRA investors also fail to designate a trust as beneficiary, take advantage of the stretch provisions for their beneficiaries, and claim their required minimum distribution when they turn 70 1/2. --MarketWatch
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