The one-year rule is an "archaic belief," according to career expert Sarah Doody. PHOENIX — If you're saving for retirement with a 401(k) or individual retirement account, it's easy to lose money to taxes and penalties when moving money between accounts. A lot of investors make costly rollover mistakes without consulting a professional for guidance, according to Denise Appleby, CEO of Appleby Retirement Consulting. "We need to band together and help to protect those assets," she said, speaking at the Financial Planning Association's annual conference Thursday. Here are three of the most common rollover mistakes to avoid, Appleby warned.

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Persons: Sarah Doody, Denise Appleby, Appleby Organizations: Appleby Retirement Consulting, Finance