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Secure Your Retirement - Radon Stancil, CFP® & Murs Tariq, CFP® EPISODE 70, 5th May 2021
How To Leave Money To The Next Generation
00:00:00 00:19:22

How To Leave Money To The Next Generation

Have you been thinking “I’ve been saving and I’d like to leave some money behind.”? But then you’re confused on the process to follow with the different types of accounts you have?

It is important to be educated on the different ways you can include the next generation in your money accounts even as you’re doing your retirement planning.

But what is the process of including them? What is the best and easiest way to do that without burdening your beneficiaries?

In this episode of the Secure Your Retirement podcast, we’re talking about all things “leaving money to the next generation”. We cover how to add your beneficiaries to your IRAs and 401(k)s accounts, the tax benefit this offers, and how to leave tax-free money behind.

In this episode, find out:

·        How to add your beneficiary to your IRA and or 401(k) account

·        How to add as many beneficiaries as you can to your other bank accounts

·        The tax benefit of listing primary and contingent beneficiaries to your IRAs and 401(k)s

·        How to add a beneficiary designation to your brokerage account to make the process easier

·        How to leave tax free money behind through life insurance and Roth IRAs

·        Understanding the per stirpes and per capita terms in the beneficiary form

Tweetable Quotes:

“Have a good tab on how you want to leave your money behind, who you want to leave it to, and where are these accounts at.”- Murs Tariq

“You want to make sure you have all your beneficiaries listed because it could be a huge tax benefit in particular to IRAs and 401(k)s.”- Radon Stancil

Resources:

If you want more information about preparing your finances for the future or retirement, check out our complimentary Master Class, ‘3 Steps to Secure Your Retirement’. 

 

In this class, we teach you the steps you need to take to secure your dream retirement. Get the complimentary Master Class here.