Hi, I am Paresh Shah, a Certified Financial Planner in Hicksville, Long Island, New York. Today we will speak about inherited IRAs. As the name suggests, an inherited IRA, or a Beneficiary IRA, is an account opened when someone inherits an IRA or employer-sponsored retirement plan after the original owner’s death. Inherited IRAs are typically opened for non-spouse beneficiaries, as spouses can transfer inherited assets directly into their retirement accounts (although spouses can open an inherited IRA if they choose). As a beneficiary, you can’t make additional contributions, but with an Inherited IRA, the funds can remain tax-deferred, and you can generally withdraw money right away without a penalty. However, there are rules about withdrawing a minimum amount each year.
If you have any questions regarding inherited IRAs, comment below or contact your financial advisor.
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