Wealth Management & Financial Planning

Wealth Management & Financial Planning

What To Do After The Loss Of A Spouse: Consider This Program

In this segment we will cover: After the loss of a spouse, don’t do anything for the next ninety days to six months because you will likely act emotionally. However, that’s limited advice. There are two different people that can inherit a Roth IRA: a spouse or a non-spouse. If a spouse inherits it, they can roll it over into one name. Something to consider: with an IRA, you have to wait until 59.5 to remove income out. Another option for a spouse is to take it as an inherited IRA where you have access to the money, and there is no penalty for taking the money out before 59.5. If the living spouse doesn’t have a job, they may want to recognize money from that IRA at a much lower tax bracket than they may find themselves in future years. Make lemonade out of lemons and be smart with what’s going on.

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Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see our Disclosure page for the full disclaimer.

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