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TPW Blog

Maximize the money your 401k and IRA beneficiaries inherit video 04.19.2022
April 19, 2022by Towerpoint Wealth
Maximize the money your 401k and IRA beneficiaries inherit | Pre-tax retirement accounts
Towerpoint Wealth April 19, 2022 No Comments

Maximize the money your 401k and IRA beneficiaries inherit video 04.19.2022

Who should you name as the 401k beneficiaries of your pre-tax retirement accounts, and why?

You are working on your estate plan, and trying to figure out who you should name as the beneficiary of your 401k account and IRAs. Simple – the kids, right? Not so fast. Who should be your 401k beneficiaries? Who should you name to inherit your IRAs? If you want to minimize taxes, who you name as your beneficiaries matters. This post, and the accompanying video, will help you understand non-spouse beneficiary distribution rules for inherited pre-tax IRAs and “regular” pre-tax 401ks.

Understanding the rules from an income tax standpoint might help you decide who to name as your beneficiary. Who inherits the assets you hold in your various retirement accounts could have a big impact on the amount of money that is ultimately received by your heirs vs given to Uncle Sam.

The beneficiary distribution rules for inherited pretax 401k accounts and IRAs when your spouse is not named as beneficiary are important for income tax and estate planning purposes.

The longer a beneficiary is able to wait before taking distributions from an inherited pretax account the longer the assets can grow without being taxed. Waiting longer to take a distribution allows the beneficiary to be more tactical about when to take distributions.

As a boutique wealth management firm, we have a legal fiduciary obligation to you, our client, and our fully independent financial advisors welcome helping you construct a customized, disciplined, and comprehensive financial, investment, and retirement plan.

Watch our YouTube on Reducing Taxes on Inheriting a Retirement Account for more information.

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Investing Like The Best – Warren Buffett! 03.10.2023

Investing like the best is oftentimes simple, but not necessarily easy. It’s important to be prudent and disciplined, and one way to do this is to try to understand and embrace the mindset, outlook, wealth-building, and wealth-protecting philosophies of Warren Buffett. As the Chairman of the Board for Berkshire Hathaway (NYSE: BRK), Buffett pens his Chairman’s Letter every year, highlighting BRK’s annual shareholder […]

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