Although some IRA planning and investment strategies appear simple, they can become expensive and time consuming if implementation errors are made. Your clients could pay unexpected taxes or penalties, their IRAs could lose tax-exempt status, or their beneficiaries could experience difficulties when inheriting IRA funds. To help your clients avoid these issues, here are five common IRA misconceptions to keep in mind.

Some of your clients who began saving for retirement early in life can now consider themselves ahead of the game. This is quite an achievement, as setting aside part of your paycheck for your 60s and 70s instead of splurging on an overdue vacation or your dream car can be tough. Perhaps they have realized that the benefits of saving early can often outweigh the sacrifices. Still, some savers may ask themselves, "What if something happens along the way and I need access to the money immediately?"