LAS VEGAS — Millions of households have individual retirement accounts , and simple mistakes can be expensive, experts warn.

One of the most common IRA errors is overlooking beneficiary designations , which dictate who receives the account after you die, according to Brandon Buckingham, vice president for the advanced planning group for Prudential Retirement Strategies.

It's "the biggest mistake people make," said Buckingham, speaking at the Financial Planning Association's annual conference on Tuesday. Some investors don't name a beneficiary or leave an outdated heir. The latter is particularly problematic, since beneficiary designations override what's outlined in your will, he said.

"I can't tell you how many times I've seen an ex-spouse inherit an IRA or 401(k) account," Buc

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