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Individual Retirement Accounts: Why they are much more complicated than you may realize

This week's Money Monday focuses on Individual Retirement Accounts and why they are much more complicated than you may realize.

What to do? Here are some answers. 

BENEFICIARY IRA COMPLICATIONS  

  • Individual Retirement Accounts Come With Lots of Strings
  • Starting with Beneficiary Designations
  • When Opening an IRA Make Certain to Fill out Beneficiary Form 
  • Assign a Primary and Contingent Beneficiary OR Beneficiaries --  Spell out Percentages on the Form
  • Life Changes Make Certain You Change your Beneficiary Designations
  • Make Your Estate or Trust a Beneficiary? Triggers Major Tax Event & Loss of Deferred Growth.
  • If Beneficiary is Spouse: He/She can Roll Over into their OWN IRA and Spread Out RMDs OVER TIME.
  • Beneficiary over Non-Spouse Rules Different & Complicated -- Whether Creating an IRA or Inheriting an IRA Consult a Certified Financial Planner®

Links to helpful articles: