Individual Retirement Accounts are one of the great innovations of our age, providing tax incentives for people to save money to supplement their Social Security and any pension benefits. At the same time they’re among the most bewildering of asset-bearing accounts to work into a sound estate plan, and it’s impossible to cover all the considerations in a short article. Instead, what we intend to do here is to introduce investors to the issues by helping them to avoid some of the most common mistakes people make when they’ve got IRA assets to pass on or receive.
So you and your spouse have worked hard all your lives and with retirement planning in mind, have paid into Social Security every working year, and now that you’re about to retire Uncle Sam is going to give you a break by keeping his hands off your Social Security benefits. Right?