In This video we’ll help you decide if, when a spouse passes away, a SPOUSAL ROLLOVER or INHERITED IRA is the best option for your unique situation .There are a lot of rules and regulations surrounding IRAs, and it can be hard to understand them all. In this video, we’ll help you understand the different options and help you decide which is best for you.

0:00 When a spouse leaves an IRA, 401k or 403b should surviving spouse do a Spousal Rollover or an Inherited IRA?
0:24 Depends on relative age of deceased spouse, Pre- 59 1/2 early withdrawal penalties, and age 72 and up Required Minimum Distributions / RMDs
0:46 If deceased spouse was older than you
1:32 If deceased spouse was younger than you
2:02 SECURE ACT / 10-Year Rule
2:20 Revocable / Irrevocable nature of your options
2:34 Remember to update beneficiaries on your OWN accounts!

WHO’LL GET YOUR MONEY WHEN YOU DIE? ARE YOUR BENEFICIARIES UP TO DATE?

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The death of a spouse is a difficult time for anyone but in addition to the emotional turmoil, it also brings about significant financial changes. One of the most important decisions that a surviving spouse may face is what to do with their deceased spouse’s IRA account. In this article, we will explore different IRA rollover options available to a surviving spouse and their potential implications.

As you may already know, an Individual retirement account (IRA) is a savings tool that allows individuals to save for retirement with tax-free or tax-deductible contributions. If your spouse had an IRA account, you have several rollover options to consider:

1. Roll over the account into your own name

If the account is a traditional IRA, you can transfer it into a new traditional IRA account in your own name. If it is a Roth IRA, you can transfer it into a new Roth IRA account in your own name. This allows you to maintain the tax-deferred or tax-free status of the account and avoid early withdrawal penalties. Additionally, you can continue to contribute to the account (if eligible) and take distributions when you reach retirement age.

2. Transfer it to an inherited IRA account

This option is available if you are not the sole beneficiary or if your spouse had already started taking Required Minimum Distributions (RMDs). An inherited IRA account allows you to continue taking RMDs and gives you more flexibility in terms of taking distributions. However, you will have to pay taxes on any distributions you take from an inherited traditional IRA account. If it is a Roth IRA, you will not have to pay any taxes on distributions.

3. Cash out the account

You have the option to cash out the account, but this is generally not recommended because you will have to pay taxes on the entire amount, and it could potentially push you into a higher tax bracket. Additionally, if you are under 59 ½ years old, you may have to pay an early withdrawal penalty of 10%.

4. Roll over into a qualified retirement plan

If you are currently employed and your employer offers a qualified retirement plan, such as a 401(k), you may be able to roll over your spouse’s IRA into your employer-sponsored plan. This option may have lower fees and better investment options, but it is not available in every situation and may depend on the plan’s rules.

Regardless of which option you choose, it is important to do your research and consult with a financial advisor or tax professional to help you make the best decision for your situation. Consider factors such as your age, retirement goals, tax bracket, and overall financial situation.

In conclusion, the death of a spouse is a difficult time, but it also brings about important financial decisions. Understanding your options for your spouse’s IRA account can help you make informed decisions and ensure that you receive the maximum benefits available to you.