Episode #103: Unasked Questions About The Stretch IRA

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Today’s Smart Money Question:

Do you ever wonder what you might not even know to ask about? For instance, do you know what a stretch IRA is and how it works? Or how to designate beneficiaries and joint ownership over your accounts appropriately? Matt talks through the ins and outs of these things, answering your questions before you ask them.

(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

When it comes to financial topics, there are a number of things that seldom get asked about. Whether it’s because it seems too confusing or if it’s something that is just completely off your radar, these questions go unasked all too often.

Three of these things we talk about in the latest episode of Smart Money Questions: stretch IRA, naming beneficiaries, and joint ownership rights. Currently, for non-spousal beneficiaries of a retirement account, they can take advantage of a stretch IRA. But what is a stretch IRA? And how does it benefit you? Is it something that Congress getting rid of?

Regardless of the asset, you’ll want to make sure you list your designated beneficiaries and contingent beneficiaries on all of your accounts and don’t assume that your will is going to cover it. Then make sure to communicate about your assets being passed down with your beneficiaries, especially in regards to the taxes that might come with it.

But what about joint ownership? What can be jointly owned and what still needs a beneficiary when it comes to your assets and accounts?

Listen to today’s podcast to hear Matt answer these unasked questions or click the timestamps below for a specific segment.

0:38 – Episode overview about making sure you do what you are supposed to with your retirement accounts.

3:39 – If you are still working after 70.5 and contributing to your company 401(k), do you have to take RMDs on it?

7:31 – The SECURE Act is looking to raise the RMD age.

8:01 – What is a stretch IRA?

11:40 – Current plans are to eliminate and condense the stretch IRA in Congress.

12:40 – The importance of designated beneficiaries on your account.

14:29 – Can you add your spouse to an IRA?

16:42 – Creating joint ownership on after-tax accounts like cars, real estate, and bank accounts.

 

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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003

 

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