EP 222: Maximizing Your Inheritance: Should You Take Out Your Beneficiary IRA Funds?

EP 222: Maximizing Your Inheritance: Should You Take Out Your Beneficiary IRA Funds?

| April 01, 2024

Maximizing Your Inheritance: Should You Take Out Your Beneficiary IRA Funds?

In this episode, Jim Pilat, CFP® and Preston Gee, CFP® of the Trust The Plan Podcast tackles the topic of maximizing your inheritance by discussing the question of whether or not you should take out your beneficiary IRA funds.

Jim and Preston weigh the pros and cons of tapping into your inherited IRA funds early versus letting them continue to grow tax-deferred. They discuss the potential benefits of accessing the funds to pay off debt, invest in higher return assets, or cover unexpected expenses, but also highlighted the potential drawbacks such as paying tax sooner and the impact on overall retirement savings.

Ultimately, Jim and Preston emphasize the importance of carefully considering your individual financial situation and long-term goals before making a decision on whether to take out your beneficiary IRA funds. 

Listen to the podcast or watch our episode below to learn more.

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