You already know how dangerous it is to put off saving for retirement or to save too little. But you can also save too much, because the IRS limits contributions to retirement accounts. Violate those rules and you could face penalties, but you might be able to correct the mistake and limit the damage. Also, once you’ve saved, keep in mind that you face more rules on when you need to start taking money out and how much. As always, when dealing with the IRS, it’s wise to consult a tax pro to make sure you don’t make a costly error.
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