Timothy Sumer

Pure Financial's experts have educated you on the importance of having an IRA and given you some basic tools and strategies that you can put in place to get the best results from your retirement accounts. But on this show, Joe Anderson and Alan Clopine take you to a whole new level to help you master your IRA and maximize its full potential. Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Important Points (1:00) - We’ve educated you about the importance of having an IRA and some of the basic tools and strategies you can put it in place to get the best results. But today we are taking you beyond the basics of IRA 101 to Master Your IRA. (1:53) • To Roll or Not to Roll • Net Unrealized Appreciation • RMD Aggregation • Stretch IRA • Beneficiary Mistakes (3:20) - How You Can Add Funds to Your IRA (4:05) - Reasons to Keep your 401(k) • 401(k) fees may be low • Penalty-free access at age 55...

The assets continue to grow untaxed, you can choose your own beneficiaries and withdrawals are tax free. You cannot, however, let all the account just sit in the inherited Roth IRA. By Dec. 31 of the year after the year in which the owner died, you must have begun taking required minimum distributions (RMD) annually.You Can Inherit a Roth IRA. One of the greatest benefits of a Roth IRA, especially when compared to other investment assets such as a Traditional IRA or 401k retirement plan, is that a Roth IRA can be passed on to an heir when you die. There are no required minimum distributions with a Roth IRA.Generally, if the taxpayer receives distributions directly from the inherited IRA, the distributions are taxed, but the 10% penalty tax on premature withdrawals does not apply, even if the beneficiary is under the age of 59 1/2 .A Roth IRA, at the owner's death, is subject only to estate tax. The income tax paid on the conversion would reduce one's taxable estate. O...