5 Tax & Estate Planning Tips for Retirement Accounts

Episode #1: Don’t add the IRS to your list of beneficiaries! Here are 5 of my favorite tax and estate planning tips when it comes to retirement accounts including IRAs and employer plans!

You’ll also learn:

• What your Required Beginning Date or RBD is, and why it is so important
• What is a Required Minimum Distribution or RMD, and how it affects your financial planning

My goal for these retirement tips is to help you preserve more of the wealth you worked so hard for.

My top 5 favorite retirement account tips are:

1. Retirement accounts pass by contract or operation of law, not your will.
2. When inheriting an IRA as a spouse, make sure to title it properly pursuant to your goals!
3. If the original retirement account owner passed their Required Beginning Date (RBD) and did not take an RMD in the year of their death, the beneficiary(ies) needs to take it!
4. If you and your spouse both have large retirement account balances, consider what I call a “spousal skip strategy” for your beneficiary designations.
5. Understand the Required Minimum Distribution Rules with Roth 401(k)s vs Roth IRAs

For the links and extras mentioned in the episode, please visit the show notes page at: https://retiredishpodcast.com/1

Guide to inheriting an IRA (https://www.planablewealth.com/blog/inheritance-planning/inheriting-an-ira-from-a-parent/)

Roth 5 Year Rule (https://www.planablewealth.com/blog/retirement/roth-ira-and-roth-401k-5-year-rules/)

RMD Needed when inheriting an IRA flowchart (https://www.planablewealth.com/wp-content/uploads/2021/11/2021_Can-I-Delay-Distributions-From-The-Traditional-IRA-I-Inherited.pdf)