By Staff
Mike Jones
Franklin County Times
Do you invest in either a traditional or Roth IRA? If so, you're making a smart move, because an IRA offers you a tax-advantaged way to save money for retirement. And of course, you want to save as much as you can, because you could spend two or even three decades as a retiree. But if you don't use all your IRA funds, what will happen to them? It's up to you – but your decision can have a big impact on your family, so you'll want to plan carefully.
The dispersal of your IRA depends on the beneficiary or beneficiaries you've named. And when it comes to designating beneficiaries, you have several choices. Here are some of the most common ones:
Your financial and legal advisors can assist you in choosing appropriate IRA beneficiary designations. Take the time to choose wisely. After all, you've worked hard for many years to build your IRA, so you'll want to make sure it ends up in the right hands at the right times.
Mike Jones is an investment consultant with Edward Jones. He can be reached by calling 332-7924.