An IRA retirement account is one of the critical pieces of planning for retirement. Millions of Americans have an IRA account that they contribute to. If you are eligible for an IRA account, contributions should be made consistently, each and every year. This is the best way to financially plan for your retirement. To take advantage of all the benefits associated with an IRA, there are some common mistakes that should be avoided. The following will discuss 4 of the 9 most common mistakes that are made.IRA Mistake #1: Not Naming a BeneficiaryUpon opening an IRA, you are not required to name anyone as a beneficiary to the account. Even though this action is not required, it is highly recommended. If something happens to you and there is no beneficiary named for the account, it will end up in probate. This will be a long, drawn out process that will cost money that didn’t need to be spent. The money in the account will be disbursed over the remaining life expectancy of the deceased account holder. This is usually a shorter amount of time than the expectancy of a beneficiary. In short, this means that money will be disbursed faster which will place a very heavy tax burden on the person who is receiving the money, which is determined in probate.Naming a beneficiary when you open the IRA account will eliminate this. You will then be absolutely sure where your remaining IRA account will go after your death. You can also determine how fast the funds will be distributed.IRA Mistake #2: Forgetting the Deadline for IRA and Roth IRA ContributionsDon’t forget the core purpose of Roth IRA’s – to fund it as much as possible for retirement! Many people believe that the last day they can make a contribution is on December 31, of the last day of the year. This is not true! You may continue to contribute up to April 15 of the following year. IRA contributions are based on the tax year – not the calendar year, so don’t miss this extra time by assuming the end of the year means the end of contributions.The best way to avoid this common mistake is to fund as much as you can early in the year. If you meet the maximum simple IRA contribution limit or Roth IRA contribution limit, you will not miss out on saving more money. The date of April 15 is referred to as an extended contribution deadline. These few extra months could make a huge difference for most savers in your IRA retirement account.IRA Mistake #3: Not Knowing Spousal/Non-Spousal Inheritance RulesThere is a difference in the rules of inheritance that applies to spousal and non-spousal beneficiaries. If you are a spousal beneficiary, you have two options. You may roll the funds into an IRA that is already in your name, or you may change the name on the inherited account. After this is complete, the money will be viewed as if it were yours all along. Contribution and withdrawal rules will apply as if it were your own account.Non-spousal inheritances work differently. You will not be able to roll the funds over to your personal IRA. You are also not allowed to make any contributions to the original IRA account.IRA Mistake #4: Not Contributing Because of Stock Market VolatilityDue to the recent stock market meltdown, many people are questioning whether they should continue contributing to their IRAs. The answer is simple. Never stop contributing! Regardless of what the market is doing at any given time, you should take full advantage of the numerous benefits offered by an IRA retirement account. One of those benefits is a tax break. No matter what the state of the market is, you will continue to get tax breaks on all money contributed. If you are lucky enough to work for a company that will match your contribution, you make even more money with the account, as well as with the added tax breaks which will of course lead to IRA retirement income when it is time to spend it.

If you are considering Retiring in Mexico, Lake Chapala Real Estate offers an ideal option; with moderately warm weather all year round, a wonderful lakeview and beautiful, lush, green countryside, easy access back home (the Guadalajara International Airport is only 45 minutes away from the main towns of Chapala and Ajijic), quaint towns with cobblestone roads, and on top of all this very competitive real estate prices, Lake Chapala Real Estate offers a rare combination of Mexico’s laid-back lifestyle and modern conveniences.  But what about once you are living and enjoying your retirement in Chapala or Ajijic?  Besides many clubs and activities organized by other North American retirees, these towns also offer regular events giving a taste of the rich cultural heritage which the area offers, as well as Mexico on the whole.

One example of such an even is the town of Chapala’s recent Artisan Fair, or “Feria Exposición Maestros del Arte,” which took place from the 12 to 15th of November. The Fair is run and organized by a non-profit organization which receives the dedicated work of many volunteers to make the Fair possible.  The organization is dedicated to giving Mexican indigenous and folk artists a venue to present and sell their handcrafts.  Since may of these artisans have very little income, and depend heavily on this Fair for their annual financial resources, the organization does not charge the artisans fees or commissions.  Instead it relies on volunteers and monetary donations to provide this essential opportunity for the artists.  The artisans, who travel great distances to arrive, are aided with their transportation costs, and are hosted by Lake Chapala residents. Tthis fair is an excellent opportunity for North Americans retiring in Mexico and other home owners to become involved in a worthwhile cause.  Donations are also tax deductible in Mexico or the U.S.

For residents who already have enough dedications, another simple and rewarding way to contribute is to go and take look. You will probably find many crafts perfect for decoration or day to day use for very reasonable prices, and thus directly support these artists and their work.  The artists come from many different parts of Mexico and bring with them a variety of traditions, meaning you won’t just see the same thing over and over.  The artisans are invited, based on quality, so the items offered are only top notch.  Both traditions passed down through families for centuries, and new artists with unique ideas are present, again offering variety.  The organization responsible for the fair only requires that the works must be 100% handcrafts made of natural materials, and must sold by the artisan who made them.

Some examples of what you can find are paper art and weaving, potters, typical “muñecas” – dolls made in the traditional Mexican style with clothes representing styles from specific ares – “robosos” or shawls, roof crosses, and knives (yes, handmade in a tradition that has been passed down for 13 generations!)  If you are interested, the artisans will also be happy to explain their work, the process of creating, and their traditions.

The Fair also offers excellent, traditional food at very reasonable prices.  There is a minimal entrance fee of only 50 pesos, which anyone who has entered will assure is well worth it.  For 3 years now the Fair has taken place on the beautiful grounds of the Lake Chapala Yacht Club, easily accessible in downtown Chapala.

This event is a prime example of the spirit of retiring in Lake Chapala; the towns’ culture combine rich traditions from the area and other parts of Mexico with opportunities for non-Mexican real estate owners to become involved and enjoy it thoroughly!  For retiring in Mexico, consider Lake Chapala real estate.

TOPMexicoRealEstate NETWORK; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

Do you long to leave the rat race? Step off the treadmill? Jump off the merry-go-round? Jettison out of the squirrel cage? Pick any image that fits; they all add up to the same thing. After 20, 30, or even 40 years of trading time for money and lining someone else’s pockets with profit, most of us are more than ready for a life in which we can wake up when we want to, stop answering to someone else, leave the commute behind, and generally take our lives back. Some enterprising Boomers re-define retirement by deciding to leave the rat race and work online from home.Let’s face it; for the most part we Boomers aren’t going to “retire” in the same ways our parents did. That is, 65 on the dot; gold watch; pension; mortgage burning; long-awaited world or RV travel; increased volunteerism, blah, blah, blah. Nope–none of that for us. We are the work-a-holic generation (and proud of it? Hmmm…). At the very least we are aiming at age 72 to eek every possible penny out of our Social Security benefits while they are still available. (Sorry kids.) But even that seems like a pipe dream to many of us these days.What’s worse, many pensions and retirement fund accounts that have been accumulating in more or less the right direction for decades have seen recent losses so extreme that long-awaited retirement plans are getting pushed back to the gray zone on the calendar called “when things turn around.”But there is another option that is becoming increasingly popular–and for good reason. Many mid-to-late career entrepreneurs are redefining retirement by choosing to make a living online from home as an alternative to continuing on their all-consuming 50-60 hour/week jobs. This new breed of career and life-design adventurers–sometimes called “Boomer-preneurs”–are daring to design the lives they have long envisioned for their “post employment” years, by combining new methods of income generation with time and location freedom. Brilliant!If you like the sound of that, ask yourself these things:

Consider your responses. Tweak the ones that need more thought and action. Look at your options and start envisioning the change you desire in your life. That change may be nearer than you think!