Skip to main content

Inherited and Spousal IRA: Understanding the Differences


Find more information about Chris McIntire & McIntire Retirement Services, request your Game Plan For Retirement, or download the resources mentioned in this week's episode by visiting DISCLAIMER Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM), a Registered Investment Advisor. BCM and McIntire Retirement Services are independent of each other....(read more)


LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Individual Retirement Accounts (IRAs) can be a valuable tool for retirement savings, and there are several different types of IRAs available to individuals. Two of these types of IRAs are the Spousal IRA and the Inherited IRA. Spousal IRA The Spousal IRA is a type of IRA that allows a non-working spouse or a spouse with earned income that is less than the contribution limit to make contributions to their own IRA account using their spouse’s earned income. For example, if one spouse has an income of $100,000 and the other spouse has no earned income, the non-working spouse can contribute up to $6,000 (in 2021) to their own Spousal IRA account. The Spousal IRA is subject to the same contribution and distribution rules as a traditional IRA, meaning that contributions made to the account are tax-deductible (if the couple meets the IRS income requirements), and distributions are taxed as ordinary income. The account holder also must start taking Required Minimum Distributions (RMDs) from the account when they turn 72 (or 70 ½ if they reached that age before January 1, 2020). Inherited IRA The Inherited IRA is a type of IRA that is typically established after the death of the original account holder. The account can be inherited by a spouse, another individual, or a trust. The distribution rules for Inherited IRAs depend on several factors, including the age of the original account holder at the time of their death and the relationship between the original account holder and the beneficiary. If the Inherited IRA is inherited by a spouse, the spouse can either choose to treat the account as their own IRA or establish it as a separate inherited IRA. If the spouse chooses to treat the account as their own IRA, they can contribute to the account as if it were their own and must follow the same distribution rules as a traditional IRA. If the Inherited IRA is inherited by a non-spouse beneficiary, the distribution rules depend on whether the original account holder died before or after reaching their RMD age. If the original account holder died before reaching their RMD age, the beneficiary must take distributions from the account each year based on their own life expectancy. If the original account holder died after reaching their RMD age, the beneficiary must take distributions from the account based on the original account holder’s remaining life expectancy or their own, whichever is shorter. In conclusion, understanding the different types of IRAs available can help individuals plan for their retirement and ensure that their savings are distributed according to their wishes. The Spousal IRA and the Inherited IRA are just two examples of IRA options available to individuals throughout their lifetime and beyond. https://inflationprotection.org/inherited-and-spousal-ira-understanding-the-differences/?feed_id=96335&_unique_id=645c3bc314576 #Inflation #Retirement #GoldIRA #Wealth #Investing #ChrisMcIntire #financial #GamePlanForRetirement #investing #money #saving #InheritedIRA #ChrisMcIntire #financial #GamePlanForRetirement #investing #money #saving
Labels:

Comments

Post a Comment

Popular posts from this blog

How to Change Password for Fidelity Investments App

How to Change Password for Fidelity Investments App In this video, I'll show you How to Change Password for Fidelity Investments App. This is the easiest and fastest way to Change Password for Fidelity Investments App. Make sure you watch until the end of this video to find out How to Change Password for Fidelity Investments App on Android and iPhone. These methods work on Android as well as iOS 11, iOS 12, iOS 13, iOS 15 and iOS 16. Hope you enjoy! Video Parts: 00:00 Intro: How to Change Password for Fidelity Investments App 00:07 Changing Password on Fidelity Investments App 00:38 Outro: Ending Thanks for watching! ❤ Bytes Media © 2022 Topics Covered: Bytes Media how to how to fix How to Change Password for Fidelity Investments App how to change password for fidelity investments fidelity password fidelity login how to change fidelity wifi password i forgot my fidelity online banking username and password fidelity password requirements fidelity customer service fi...
Post a Comment
Read more

How Annuity Education Can Help You Effectively Plan for Retirement with Annuities: Insights from IBC Global

Want to Learn If An Annuity Is Right For You? Thank you all for watching! Don't forget to subscribe for more! DISCLAIMER: All advice and/or opinions expressed in our videos are the result of our experience in the insurance and financial industries. Any action taken based on the information expressed in our videos is the sole responsibility of the viewer. All content produced by Steve Parisi and ILS Products is made for informational purposes only. #Finance​ #Annuity​ #Insurance... ( read more ) LEARN MORE ABOUT: Retirement Annuities REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Annuity Education: Effective Retirement Strategy - Utilizing Annuities Retirement planning is a crucial aspect of everyone's financial journey. With the goal of maintaining a comfortable lifestyle after ending decades of work, individuals often seek strategies that provide a st...
Post a Comment
Read more