The flexibility of stretch IRAs – Learn how your IRA can benefit your spouse and other beneficiaries

Description

Abstract: IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was already set aside for his or her spouse and children. This “stretch IRA” strategy can be beneficial for both spousal and nonspousal beneficiaries. This article explains the rules for required minimum distributions and details how a stretch IRA works.