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You probably opened your IRA years ago, set up contributions, and moved on with your life without looking back very often. Most people do exactly that, and it feels responsible enough because money is flowing into the account on a regular schedule. The problem is that your IRA needs more attention than a simple contribution plan, and the mistakes you make now do not announce themselves. Morningstar research shows that investors frequently rush IRA contributions before the April deadline each year, even though they could have contributed up to 15 months earlier.The IRS raised IRA contribution limits for 2026 to $7,500, with an additional $1,100 catch-up for people 50 and older. Those numbers mean nothing if you contribute late, choose the wrong account type, or let your money sit in cash after funding. Let’s take a look at frameworks for avoiding the most common IRA mistakes that compound for decades without you noticing them.The procrastination penalty costs you more than you realizeVanguard calls it the procrastination penalty, and the pattern appears in their data every year around tax season. Investors wait until the last possible moment to fund their IRAs, even when they have cash available months earlier. That 12-to-15-month delay in getting your money invested costs you compounding returns that add up significantly over decades of saving.Automate your contributions at the start of each calendar yearYou can make your 2026 IRA contribution starting January 1, which gives your money the maximum possible time to grow tax-advantaged. Set up automatic transfers from your checking account to your IRA on the first business day of each year or as monthly installments. The key is to remove the decision entirely from your hands so you never wait until March or April to fund your retirement account. The foregone compounding from waiting 15 months may not seem like much in any single year, but it becomes significant over time. If you repeat this pattern for 20 or 30 years, you are giving up potentially tens of thousands of dollars in retirement wealth. The fix requires nothing more than logging into your brokerage account once and setting up the automatic transfer schedule today.Choosing the wrong IRA type locks in tax consequences for decadesThe Roth versus traditional IRA decision depends entirely on your current tax bracket compared to your expected tax bracket in retirement. Related: Jean Chatzky raises red flag on huge IRA mistake Americans makeEarly-career workers in the 10% or 12% federal bracket should generally prioritize Roth contributions because paying taxes now at low rates beats paying later at higher rates. The 2026 income phase-out range for Roth IRA contributions is $153,000 to $168,000 for single filers, according to the IRS.The math changes when you reach peak earning yearsHigh earners in the 32% or 37% tax bracket may benefit more from traditional IRA contributions, which provide an immediate tax deduction. The deduction phases out based on income and workplace retirement plan coverage, so you need to verify your eligibility each year. For married couples filing jointly with workplace plans, the 2026 phase-out range for deductibility of traditional IRA contributions is $130,000 to $150,000. If your income exceeds the Roth contribution limits, the backdoor Roth IRA strategy remains available for 2026 and requires no income threshold. You contribute to a traditional nondeductible IRA and then convert those funds to a Roth IRA shortly afterward, effectively bypassing the income restrictions entirely. This strategy works best when you have no other pre-tax IRA balances that would complicate the conversion under pro rata taxation rules.Letting your contributions sit in cash destroys long-term returnsMany investors fund their IRA and then forget to actually invest the money, leaving contributions parked in a money market or cash sweep account. Many people tend to sit on cash once they fund their IRA, often due to inertia after making the contribution according to Vanguard data. Morningstar director Christine Benz notes that hunkering down in very conservative investments allows inflation to gobble up most of the modest return you might earn.Avoid the opposite extreme of chasing recent winnersGravitating toward investment types that have had spectacular returns over the past few years is equally dangerous for your long-term wealth. Big-cap US technology stocks have delivered phenomenal gains, but trees do not grow to the sky indefinitely in any market environment. A diversified approach that accounts for your time horizon and spreads your bets a bit more will serve you better over the decades. Target-date funds matched to your anticipated retirement year provide a simple, low-maintenance option for IRA investors who want professional allocation decisions. More Personal Finance:Retirees following 4% rule are leaving thousands on the tableFidelity says a $500 policy could protect your entire net worthFidelity’s 4 Roth strategies could save your family a fortune in taxesAlternatively, a three-fund portfolio with a total US stock index fund, a total international stock index fund, and a bond index fund offers diversification at minimal cost. The key is to make an investment decision immediately after funding your IRA, rather than letting cash sit idle.

Don’t chase yesterday’s winners. Build a diversified, long-term strategy that keeps your IRA growing steadily, not sitting idle.insta_photos/Shutterstock

Your IRA strategy should evolve through five distinct life stagesFinancial planning experts often treat retirement accounts as static buckets, but your IRA has a lifecycle that must evolve as your circumstances change. Morningstar outlines a five-stage framework for matching your account type to your current tax reality and life situation. The optimal strategy changes based on tax bracket, income level, and proximity to retirement, so what worked at 25 will likely hurt you at 55.Stage one covers teens and young adults with their first jobsIf a teenager has earned income from a summer job or family business, they can contribute to a Roth IRA immediately. The 2026 standard deduction is $16,100, meaning most teens earn less than that and pay 0% in federal income tax anyway. Contributing to a Roth at a 0% tax rate locks in decades of completely tax-free compounding and withdrawals, which represents the most powerful use of the tax code available.Stage two focuses on early-career workers building momentumYoung professionals in the 10% or 12% tax bracket should continue prioritizing Roth contributions over current tax deductions whenever possible. Paying a 10% or 12% tax rate now to secure tax-free withdrawals 40 years from now is a bargain that most retirees wish they had taken. If your employer offers a 401(k) match, contribute enough to capture that free money first, then fund your Roth IRA with remaining savings.Stage three involves peak earners and Roth conversionsMid-career professionals in higher tax brackets face different optimization opportunities and may benefit from tax-deferred traditional contributions instead. The years between leaving full-time employment and starting required minimum distributions often provide a window for strategic Roth conversions at lower rates. Converting traditional IRA balances to Roth during low-income years can dramatically reduce the tax burden you pass to your heirs.Stage four addresses retirees managing required distributionsRetirees drawing from their IRAs should maintain a bucket structure with cash for near-term expenses, bonds for mid-term stability, and stocks for long-term growth. Related: Retirees following 4% rule are leaving thousands on the tableA retiree planning to spend 4% annually might hold two years of withdrawals in cash, five to eight years in high-quality bonds, and the remainder in stocks. Rebalancing inside an IRA triggers no tax consequences, unlike rebalancing in a taxable brokerage account, where you owe capital gains.Stage five covers legacy planning and leaving IRAs to heirsUnder the SECURE Act, most non-spousal beneficiaries must empty an inherited retirement account within 10 years of the original owner’s death. Every withdrawal from a traditional IRA is taxed as ordinary income, and depending on the heir’s tax bracket, that can mean paying 22% to 37% in federal taxes alone. Roth IRAs are among the most tax-efficient assets to leave to heirs because qualified withdrawals by beneficiaries are generally tax-free, Fidelity notes in their analysis.Excess contributions trigger a 6% annual penalty until you fix themContributing more than the annual limit or contributing when your income exceeds Roth eligibility thresholds creates an excess contribution that the IRS penalizes at 6% per year. The penalty continues for each year the excess amount remains in your IRA, so catching the mistake quickly is especially important for your finances. The IRS explains that you can avoid the penalty by withdrawing excess contributions and any earnings before your tax filing deadline.Track your contributions and income limits carefully each yearThe 2026 contribution limit of $7,500 applies to your combined traditional and Roth IRA contributions, not to each account separately. “You mainly want to avoid the extremes. At the one extreme would be sort of being paralyzed and saying, you know what, stocks don’t seem especially cheap. I’ll hunker down here in cash and maybe move the money in at a later date.”- Christine Benz, Morningstar director of personal finance and retirement planning.You cannot contribute $7,500 to a traditional IRA and another $7,500 to a Roth IRA in the same year without triggering excess contribution penalties. Keep records of every contribution you make throughout the year, especially if you use dollar-cost averaging with monthly transfers instead of lump sums.The practical steps you can take this week to get your IRA rightReview your current IRA balance and verify whether your contributions are invested in funds or sitting idle in cash. Log into your brokerage account and set up automatic contributions for the maximum amount you can afford, ideally starting in early January each year. Check your income against the 2026 Roth IRA phase-out ranges to confirm you are using the correct account type for your situation.Your IRA action checklist for 2026Verify your 2025 IRA contribution is fully invested, not sitting in cash or a money market sweep accountCalculate your modified adjusted gross income to confirm Roth IRA eligibility for 2026Set up automatic contributions starting January 2026 rather than waiting until tax season next springReview your investment allocation to ensure diversification across US stocks, international stocks, and bondsConsider a backdoor Roth conversion if your income exceeds direct Roth contribution limits for 2026Evaluate whether Roth conversions during low-income years could reduce your lifetime tax burden significantlyThe catch-up contribution for people 50 and older increased to $1,100 in 2026, bringing their annual limit to $8,600. If you are within a decade of retirement, maximizing catch-up contributions can add meaningful dollars to your final balance when compounding has less time to work. IRA mistakes compound for decades precisely because the effects remain invisible until you begin withdrawing funds and paying taxes in retirement.Related: IRA has a tax loophole for charity that most retirees never use

If you run your own business, you already know how much of your income disappears to taxes every single year. You pay self-employment tax, income tax, and possibly state tax on top of it all, often with very few deductions left standing.There is a set of IRS rules that could let you shelter tens of thousands of dollars from taxes. These rules apply to retirement plans designed specifically for self-employed people and small business owners just like you.The best part is that you still have time to act for the 2025 tax year, even if you have not started yet.The retirement plan that lets business owners defer far more than traditional IRAsA traditional IRA limits your annual contribution to $7,000 in 2025, or $8,000 if you are 50 or older, according to the IRS. For a business owner earning six figures, that barely makes a dent in your tax bill or retirement savings gap.”I’m happy to do anything in the world to make it easier for the American public to file their taxes and to get served by us, and to increase compliance. And the only answer to that I know, through my whole life, is technology is the great enabler,” said IRS CEO Frank Bisignano.The IRS allows self-employed individuals to contribute far more through employer-sponsored retirement plans designed for small businesses. Three specific plans stand out for their higher limits and flexible deadlines.SEP IRAs allow you to contribute up to $70,000 for the 2025 tax yearA Simplified Employee Pension IRA is one of the most powerful retirement tools available to self-employed professionals. You can contribute up to 25% of your net self-employment income, with a maximum contribution of $70,000 for the 2025 tax year, according to the IRS. That $70,000 contribution is fully tax-deductible, which means it directly reduces your taxable income for the year.SEP IRA deadlines you need to know for 2025You can open and fund a SEP IRA as late as your business tax filing deadline, including any extensions you file. For sole proprietors filing individual returns, the standard deadline for 2025 contributions is April 15, 2026.If you file a tax extension, you push that deadline all the way to October 15, 2026, and still apply it to 2025. No other retirement account gives you that much flexibility to establish and fund a plan retroactively for the prior year.Where a SEP IRA falls shortSEP IRAs do not allow catch-up contributions for people 50 and older, unlike Solo 401(k) plans and traditional IRAs. You also cannot make Roth contributions through a standard SEP IRA, which limits your tax diversification options in retirement. If you have employees, you must contribute the same percentage of compensation to their accounts as you do to your own account.Solo 401(k) plans give business owners the highest total contribution ceiling.A Solo 401(k) is available to self-employed individuals or business owners with no full-time employees other than a spouse. You can contribute as both an employee and an employer, which means your total savings potential far exceeds that of a SEP IRA.2025 contribution limits for Solo 401(k) plansThe employee deferral limit is $23,500 for 2025, on either a pre-tax or Roth basis.If you are 50 or older, you can add $7,500 in catch-up contributions, bringing your employee side to $31,000.Individuals aged 60 through 63 qualify for a super catch-up of $11,250, raising the employee total to $34,750.The employer profit-sharing contribution can reach up to 25% of compensation, capped at $70,000 in total.A business owner under 50 with $200,000 in net earnings could contribute roughly $60,000 between both sides of the plan. That entire amount is either tax-deductible or, in the case of Roth deferrals, grows completely tax-free for retirement.Key deadlines for establishing a Solo 401(k)Your Solo 401(k) plan documents must be signed and executed by December 31, 2025, to make employee deferrals for that tax year. The actual contributions can be deposited later, up to your business tax filing deadline, including any extensions you file.Related: Roth 401k match could trigger a surprise tax billFor S corporations and partnerships, the base filing deadline is March 16, 2026, with extensions pushing it to September 15, 2026. Sole proprietors follow the individual return deadline of April 15, 2026, which also extends to October 15, 2026.Cash balance plans let high earners shelter over $200,000 per yearIf you are a high-income business owner in your 50s or 60s, a Solo 401(k) or SEP IRA may still feel insufficient. A cash balance defined benefit plan allows contributions that increase significantly with age, often exceeding $200,000 per year.More Personal Finance:Retirees following 4% rule are leaving thousands on the tableFidelity says a $500 policy could protect your entire net worthFidelity’s 4 Roth strategies could save your family a fortune in taxesBusiness owners aged 60 and older can contribute well over $250,000 annually in pre-tax contributions through these plans. Many business owners pair a cash balance plan with a 401(k) to maximize total tax-deferred savings in a single year.Important considerations before opening a cash balance planCash balance plans require an actuary to design and administer, adding annual costs ranging from $2,000 to $5,000.You commit to a specific annual funding level, which means contributions are not optional in years with lower revenue.If you have employees, you may need to make contributions on their behalf as well, which can increase the total annual cost.These plans work best for established businesses with consistent income and owners who want to increase their retirement savings.

Cash balance plans unlock powerful six-figure tax-deferred contributions for high earners, but come with strict funding commitments and added administrative costs.Freedomz/Shutterstock

The SECURE 2.0 Act created new tax credits that offset the cost of starting a plan.Congress passed the SECURE 2.0 Act in 2022 to encourage more small businesses to offer retirement plans to employees. If you have 50 or fewer employees, you can claim a tax credit equal to 100% of your plan startup costs, up to $5,000 per year, for the first three years, according to the IRS.You may also qualify for an employer contribution credit of up to $1,000 per employee per year for up to 5 years. An additional $ 500-per-year credit is available for three years if your plan includes an automatic enrollment feature.What the combined credits look like in practiceA business with 10 eligible employees could receive up to $5,000 in startup credits, $10,000 in contribution credits, and $500 in auto-enrollment credits. Over three to five years, that adds up to $15,500 or more in direct dollar-for-dollar reductions to your federal tax bill.Owner-only businesses without non-highly compensated employees do not qualify for the startup credit on a Solo 401(k) plan. You should work with a tax professional to determine which credits apply to your specific business structure and employee count.Common retirement plan mistakes that cost business owners moneyThe biggest mistake is simply doing nothing and letting another tax year pass without properly sheltering your business income. You lose the ability to make contributions for a tax year once all filing deadlines, including extensions, have fully expired.Other costly missteps to watch for;Choosing a SEP IRA when a Solo 401(k) would allow higher total contributions, especially if you are over 50 years old.Failing to establish a Solo 401(k) by December 31 of the contribution year locks you out of employee deferrals entirely.Ignoring the Roth option inside a Solo 401(k), which allows your contributions to grow and be withdrawn completely tax-free.Overlooking SECURE 2.0 tax credits that could reimburse nearly all your plan setup and administration costs for years.Contributing inconsistent percentages for employees can trigger IRS nondiscrimination violations and potential plan disqualification.Each of these mistakes has a straightforward fix, but only if you act before the relevant IRS deadlines have passed.Practical steps you can take now to reduce your 2025 tax billYou do not need to figure this out alone, but you do need to start the process before the year ends.Your action plan before December 31, 2025Review your projected 2025 net self-employment income with your accountant to determine maximum allowable contribution amounts.If you want a Solo 401(k), sign the plan documents before December 31, 2025, to preserve your employee deferral eligibility.If a SEP IRA better fits your situation, you have until your tax filing deadline, including extensions, to open and fund it.Ask your tax professional whether a cash balance plan could work for you if you are over 50 and have a consistent, high income.Check your eligibility for SECURE 2.0 startup credits, employer contribution credits, and auto-enrollment credits with your CPA.The IRS designed these rules to reward business owners who invest in their own retirement and their employees’ futures. Your job is to make sure you are actually using them before another tax year slips by without the savings you earned.Related: The IRS audited more than 500K returns, and yours could be next

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Internet, phone, and cable TV giant Spectrum, which is operated by Charter Communications, has struggled to retain customers over the past year amid price hikes and increased competition. As the company’s customer losses mount, it is shifting gears, resulting in a concerning workforce change. In 2025, Spectrum lost about 284,000 cable TV customers and roughly 403,000 internet customers, according to calculations based on its latest earnings report. Its revenue for the year also dipped by 0.6% year over year. The customer losses follow the company’s recent price increases for its cable TV and internet plans. For example, in July, Spectrum raised monthly rates by $2 on a few of its older internet plans and by $5 on its Spectrum Select TV packages. Price hikes were a risky move, since Spectrum was already losing cable TV customers amid the nationwide cord-cutting trend. This trend took off in the early 2010s and involves consumers canceling cable TV services and subscribing to streaming platforms to save money. A survey from Pew Research Center last year even found that 83% of Americans use streaming platforms, while only 36% are subscribed to cable or satellite TV services. Also, fixed wireless internet (or 5G home internet), which is usually more affordable than traditional wired internet, has become a major threat to Spectrum and other cable companies. This service is offered by phone carriers such as T-Mobile, Verizon, and AT&T, and they have gained hundreds of thousands of fixed wireless internet customers in recent months. Spectrum makes tough workforce moveAs it tries to keep customers from fleeing, Spectrum’s parent company recently made an eyebrow-raising workforce change. In a WARN notice filed on March 18, Charter Communications revealed its plan to close its Spectrum call center facility in Appleton, Wis., a change that took effect on March 21.  The closure resulted in 313 Spectrum employees losing their jobs, affecting positions across customer service, tech support, and management.Related: Spectrum owner seals billion-dollar acquisition as customers fleeIn a statement to Wisconsin Public Radio on March 19, the company said tasks at its Appleton call center will be moved to its other U.S. centers.“Employees have the option to relocate and transition in their current role to one of our select technical repair locations or apply to another role with the company for which they are qualified, including our Fond du Lac call center,” read the statement. The latest round of Spectrum job cuts comes after the company reportedly laid off 1,200 employees in October to streamline operations. The cuts affected 1% of the company’s workforce, only impacting corporate employees and those who work in back-office functions nationwide. More Telecom News:T-Mobile drops 2 new phone plans to stop customers from fleeingVerizon CEO shifts gears after 2.25 million customers departAT&T closes billion-dollar acquisition to win back customersThe recent layoffs also come as Charter heavily invests in artificial intelligence to enhance the customer experience. In November, it even partnered with Amazon Web Services to ​​deploy AI across its business, accelerating new features and improving its software development capabilities.“We continue to invest in technology, including AI, to increase customer satisfaction through self-service where customers want and enhancing our employee service capabilities,” said Charter CEO Christopher Winfrey during an earnings call in January. Additional layoffs may occur soon at the company, as Charter is close to completing its $34.5 billion acquisition of Cox Communications, which received Federal Communications Commission approval in February. The deal just needs approval from California state regulators in order to be finalized. 

Spectrum is cutting more jobs as it works to boost the customer experience. Elliott Cowand Jr./Shutterstock

Spectrum’s layoffs reflect a growing workforce trendThe Spectrum job cuts follow the footsteps of its peers in the tech industry. Companies such as Meta, Amazon, and T-Mobile have also conducted job cuts this year amid economic pressures and their increased AI investment.The tech industry specifically saw a spike in layoffs in February as hiring plans slowed nationwide, according to recent Challenger, Gray, & Christmas data.How many U.S. employers cut jobs in February 2026:In February, U.S. employers announced 48,307 job cuts, down 55% from January’s 108,435.In the tech industry, 11,039 job cuts were announced in February, bringing the total to 33,330 in 2026, reflecting a 51% year-over-year increase. Also, 10,736 of the job cuts across all industries in February were due to store, unit, or department closings, while 10,114 stemmed from market and economic conditions, 9,146 from restructuring, and 5,636 from cost-cutting.Hiring plans reached 12,755 in February, down 63% from the same month in 2025.
Source: Challenger, Gray, & Christmas
“Tech is responding to a number of pressures right now,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray, & Christmas, in the report.“AI is the big story, but there are also global regulatory concerns, a slowdown in digital advertising driven by tariffs and economic uncertainty, and higher costs to both employ workers and access funding, forcing companies to make difficult decisions,” he continued. Related: T-Mobile customers set to receive a significant network upgrade

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