Many people don’t realize the kind of taxable events they may be creating with their IRA or 401(k). They save and save and save during their working years, only to find out that the six- or seven-figure balance in their retirement account is money that has never been taxed. Plus, if it’s taken out the wrong way, they could also be forced to pay penalties on top of income taxes.

To make matters worse, the potential impact to your family members who inherit your IRA, 401(k), SEP, or TSP account could also face unexpected taxes and penalties. This type of investment account is one that you do not want to make mistakes with. Even if you inherit a Roth IRA, you need to know what rules you have to navigate.

How do you pass on your retirement account to a loved one? If you have an inherited IRA or are going to be inheriting one or you’re wondering what you’ll have to do when you inherit a retirement account, we’re sharing what to do when you inherit an IRA.

2:29 Weekly market report
14:58 Spousal IRA options
17:54 Stretch IRAs
18:56 Direct IRA-to-IRA transfers
19:41 Withdrawing funds from inherited retirement accounts
24:51 They say…if you’re the beneficiary of your parent’s IRA, you can take payments over your lifetime. Is this true?
27:51 What to do when you inherit an IRA
31:07 Disclaiming an IRA as the beneficiary
35:59 Lump sum distributions for IRA beneficiaries

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