It's estimated that savings of Americans for retirement is at a whopping $17 billion per annum. But is it in the safe hands. The conflicted financial advice is costing the US citizens billions of dollars.
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There are many ways you might have contributed too much to your IRA without knowing it. Maybe the full amount was contributed to both a traditional and a Roth IRA. Perhaps you set up a monthly contribution that automatically pays and forgot to put a stop to it before your contribution limit exceeded. Or, maybe you just screwed up.
A top economic adviser of U.S. President Barack Obama has called for tighter regulations on Wall Street brokers, saying abusive trading practices were costing billions of dollars to clients in their retirement savings each year, Bloomberg reported.
Individual Retirement Account contributions are getting larger - an encouraging sign of a recovering economy and improved habits among retirement savers.
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