Mar 9, 2023

Most of the people we work with in Arizona have utilized an IRA to help save for retirement. It’s one of the most popular tools out there for good reason, and it’s a big piece of many retirement plans.

But the IRA is also unique in a lot of ways from anything else you might use to save. In this episode, Nancy will tackle the ‘Dirty Dozen’ differences that an IRA has from other retirement accounts. There will probably be things on this list that you’re familiar with but we hope you’ll also pick up some new information during our discussion.

No matter how well-versed you are with IRA accounts, it’s important that you know these differences because they will impact your financial decisions and retirement strategies.

Here’s some of what you’ll learn in this episode:  

• How the IRA is passed on to beneficiaries and not through a will. (3:38)
• IRAs are the only asset you own that require you to take money out even if you don’t want to. (5:02)
• The IRA has its own complex set of rules for distribution. (6:24)
• IRAs receive no step-up in basis upon death. (9:47)
• No joint ownership or joint distribution. (17:02)