What Actions Should I Take After Inheriting an IRA?

the IRA owner? What is a stretch IRA? So what are the most important points to remember? Watch Szarka Financial’s Senior Financial Planner Alex Menassa, MT, CPA, JD discuss these issues News Anchor Roosevelt Leftwich. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker Dealer, member FINRA/SIPC. Advisory Services through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Cambridge and Szarka Financial are not affiliated. Fixed Insurance services offered through Szarka Financial....(read more)

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Inheriting an Individual retirement account (IRA) can be a significant financial gift, but it can also be overwhelming. Depending on your relationship to the original owner of the account, the rules and tax implications can differ. Here are some steps to take if you have just inherited an IRA. First, determine whether the IRA is a traditional or Roth account. Traditional IRAs allow contributions to be made pre-tax, which means taxes are paid on the earnings when the money is withdrawn. Roth IRAs, on the other hand, allow after-tax contributions and tax-free withdrawals. If you are not sure which type of IRA you inherited, contact the financial institution holding the account. Next, consider your relationship to the original owner of the IRA. If you are the spouse of the deceased, you have more options in terms of how to handle the account. You can roll over the IRA into your own existing IRA or start a new one in your name. If you inherit the IRA as a non-spouse beneficiary, you must begin taking required minimum distributions (RMDs) based on your life expectancy. If you inherit an IRA as a non-spouse beneficiary, you also have the option to take the entire distribution as a lump sum. However, this can result in a large tax bill and may push you into a higher tax bracket. Taking smaller distributions over time can help manage the tax burden. It is also important to understand the timeline for taking RMDs. For non-spouse beneficiaries, you must begin taking distributions by December 31st of the year following the death of the original owner. The amount is based on your life expectancy, with the calculation being adjusted annually. Finally, consider consulting a financial advisor or tax professional to ensure you understand all the implications of inheriting an IRA. They can help you make decisions about withdrawals, taxes, and estate planning. Inheriting an IRA can be complicated, but taking the time to understand your options and seek professional advice can ensure that you make the most of this financial gift. https://inflationprotection.org/what-actions-should-i-take-after-inheriting-an-ira/?feed_id=84463&_unique_id=642c0876051ed #Inflation #Retirement #GoldIRA #Wealth #Investing #AlexMenassa #economics #economy #Finance #financialplanner #FinancialPlanning #Fox8 #Fox8News #inheritedira #Interview #ira #IRAOwner #stretchira #SzarkaFinancial #InheritedIRA #AlexMenassa #economics #economy #Finance #financialplanner #FinancialPlanning #Fox8 #Fox8News #inheritedira #Interview #ira #IRAOwner #stretchira #SzarkaFinancial

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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