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Don’t Use Your IRA to Transfer Wealth!

IRAs are great for accumulating wealth and providing for retirement, but nearly 30% of investors over the age of 50 who have IRAs are planning to use them to pass along wealth to their heirs. Unfortunately, IRAs are just not made for that, and these investors may actually pass most of their wealth to the government.

Of 200 individuals aged 50 and older surveyed in a recent poll, 71% have an IRA. Of those who have IRAs, 23.4% plan to use them for both retirement and wealth transfer. Another 5.5% of those who have IRAs plan to use them only to transfer wealth to their heirs.

If you are planing to use your IRA to transfer wealth to heirs, please consider looking into more tax-efficient estate planning options. If you have any questions regarding other options, you can contact our office at the number above.