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LAS VEGAS \u2014 Millions of households have individual retirement accounts<\/a>, and simple mistakes can be expensive, experts warn.\u00a0\u00a0<\/p>\n One of the most common IRA errors is overlooking beneficiary designations<\/a>, which dictate who receives the account after you die, according to Brandon Buckingham, vice president for the advanced planning group for Prudential Retirement Strategies. <\/p>\n It\u2019s \u201cthe biggest mistake people make,\u201d said Buckingham, speaking at the Financial Planning Association\u2019s\u00a0annual conference<\/a>\u00a0on Tuesday.\u00a0Some investors don\u2019t name a beneficiary or leave an outdated heir. The latter is particularly problematic, since beneficiary designations override what\u2019s outlined in your will, he said.\u00a0\u00a0<\/p>\n \u201cI can\u2019t tell you how many times I\u2019ve seen an ex-spouse inherit an IRA or 401(k) account,\u201d Buckingham said. \u201cIt happens all the time.\u201d<\/p>\n<\/div>\n