Individual retirement accounts, or IRAs, are essential tools for retirement planning, offering tax advantages that can significantly boost physicians’ long-term savings. Yet despite their potential, IRAs are frequently misused.

From missing key deadlines to making poor investment choices, these errors can lead to tax penalties, reduced growth and a less secure retirement.

In this column, we will delve into 15 common IRA mistakes — some widely known and others rarely discussed — and offer strategies to avoid them. Whether you are just starting to save or managing your assets in retirement, this comprehensive overview can help you make smarter, more informed decisions about your IRA.

1. Contribute too much or too little

Contributing more than the annual limit to an IRA can lead to a 6% e

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