The New Year is here, and you may be thinking about an array of resolutions you have for 2019, here are your IRA New Year’s Resolutions.
This year, we want to encourage you to really pay attention to your IRA (Individual Retirement Account), and we want to leave no stone unturned. Here are some steps you should take to help make sure that everything is organized, as well as in place for your beneficiaries:
- …obtain a copy of the IRA beneficiary form for each IRA I own.
- …make sure that I have named a primary beneficiary and a secondary (contingent) beneficiary for each IRA I own.
- If there are multiple beneficiaries on one IRA, I will make sure that each beneficiary’s share is clearly identified with a fraction, a percentage, or the word “equally” if that is applicable.
- …make sure that the financial institution has my beneficiary selections on file and that their records agree with my choices.
- …keep a copy of all my IRA beneficiary forms and give copies to my financial advisor and attorney.
- …let my beneficiaries know where to locate my IRA beneficiary forms.
- …review my IRA beneficiary forms at least once each year to make sure they are correct and reflect any changes during the year due to new tax laws or major life events such as a death, birth, adoption, marriage, re-marriage or divorce.
- …check the IRA custodial document for every financial institution that holds my IRA funds. I will make sure that the financial institution allows the provisions that are important to me and my IRA beneficiaries.
- …do all of the above for any company retirement plan accounts I have, like 401(k)s, 403(b)s or 457 plans.
As you look to 2019 with a fresh start, we encourage you to follow these steps to help you start out on the right path. As always, we are here to assist you in creating the future you desire. If you have questions about your retirement plan, whether you’re a client or not, don’t hesitate to give us a call at 913-393-1000 or schedule a complimentary consultation below.
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The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.
Copyright 2018 Ed Slott and Company
Reprinted from The Slott Report, with permission.
Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.