Sometimes bad money judgment hurts no one. The pricy suit that was purchased and never worn or the expensive dinners bought for the person you now despise may cause pangs of regret. But your future is basically no worse off in the wake of these questionable choices.
Bad decisions in your IRA account, however, can have lasting effects that can haunt you to your grave.
An IRA is basically a time capsule, sealed up now for future use to fund your life after you leave work. Mistakes that could jeopardize the tax-advantaged status of the money in your account or rash investing decisions that decimate its value threaten your retirement.
Read on to learn how to avoid missteps, misadventures and calamities with your IRA account.