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Inheriting an IRA? Here’s What You Need to Know

  • Writer: Marshall Goins
    Marshall Goins
  • Oct 31, 2023
  • 1 min read

Updated: Feb 25



What Are My Options if I Inherit an IRA or 401(k)?


The truth is your options will be different depending on who you’re inheriting the IRA or workplace retirement plan from.


Here are some questions you need to ask yourself: Did you inherit the IRA from a spouse or from someone who isn’t your spouse? How old were they when they passed away? Was it a traditional IRA or a ROTH IRA?


How you answer those questions will determine what you’ll be able to do with that inherited money, but there are basically three options to choose from:

  • Option #1: Take a Lump Sum Payment

  • Option #2: Open an Inherited IRA

  • Option #3: Rollover the Funds Into Your Own IRA (The Spousal Transfer)


Let’s break each one of those options down one by one!

 

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