Get More Money in Your Roth IRA by Avoiding These Mistakes

karen roach/Shutterstock

Many types of retirement plans are available today, but you have only so much time to put money into them. If you have a Roth IRA, it can be easy to think your money is secure. Unfortunately, just because it offers options that other plans do not will not make it safe from mistakes that you might make.

Here are some mistakes that Roth IRA owners often make.

Not Contributing More

Traditional 401(k)s and IRAs do not let you make contributions after you turn 72. A Roth IRA enables you to make contributions beyond 72 if you are still working. This feature allows you to continue to build your retirement savings. You also do not need to get the required minimum distributions (RMDs)—letting your money gain even more.