retirement

9 IRA secrets every supersaver should know

Retirement »

The beneficiary form can wait
The beneficiary form can wait | Monkey Business Images/Shutterstock.com

The beneficiary form can wait

The beneficiary form is so simple to fill out but often gets overlooked. Yet, the future of everything you've worked for depends on it.

"The beneficiary form determines the ultimate future value of your retirement savings: how soon it will be taxed, how much it will be taxed and who will get it. Will it be subject to probate?" says Ed Slott, founder of Ed Slott and Co., an IRA education company, and author of "Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s."

The tax benefits in IRAs, particularly the Roth, are incredibly valuable. Fill out the beneficiary form properly to ensure that your heirs are able to take full advantage of those valuable benefits, and then explain the benefits to them so that they don't just cash out the account.

advertisement

          Connect with us
advertisement
9 myths about IRAs
advertisement
advertisement

Connect with us