When it comes to saving for retirement, one of the biggest mental blocks for people is that the accounts are protected. In other words, there are rules about how much you can put in, take out and when. Considering all the rules, it’s no surprise that mistakes are made, and they can be costly. The question then becomes, which ones can be fixed? Which ones can’t? Ed Slott gives this example: If a non-spouse beneficiary of an inherited IRA attempts a rollover, there is no going back. If the money comes out, it cannot be returned; inherited IRAs can only be transferred. A rollover of an inherited IRA is a fatal error, and no one can un-ring that bell.
Tune in today to learn about the ins and outs of fixing IRA and retirement plan mistakes.