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As you are listening to this you are probably thinking that the problem is investment problems –well it isn’t. Its not RMD which is sometimes very confusing to people, Its not even the taxes – although that is often the most misunderstood. The biggest problem is unfortunately the easiest to fix and that problem is YOUR BENEFICIARY DESIGNATION.
That’s right. It would seem this is so simple. But you must make sure that you have a designated beneficiary on your IRA accounts or rather ANY beneficiary designated account and/or retirement account.
It is important to understand that your will does not control who gets your IRA. [Read more…]