Financial advisors at AARP say these mistakes should be corrected now.
* You make your child a joint owner of your bank account, meaning he or she can spend your money.
* You forget to change beneficiaries, potentially leaving assets to the wrong heirs. Spouses are entitled to 401(k)s and pensions unless they opt out.
* You make late IRA contributions. An investor contributing $5,000 each January (instead of April) could end up with $12,600 more after 20 years.
* You don't make "catch up" contributions to tax-deferred accounts. At 50 or older, you can add an extra $5,500 a year to a 401(k).
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
