Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®
Business:Investing
In this episode, Jim Pilat, CFP® and Preston Gee, CFP® of the Trust The Plan Podcast tackles the topic of maximizing your inheritance by discussing the question of whether or not you should take out your beneficiary IRA funds.
Jim and Preston weigh the pros and cons of tapping into your inherited IRA funds early versus letting them continue to grow tax-deferred. They discuss the potential benefits of accessing the funds to pay off debt, invest in higher return assets, or cover unexpected expenses, but also highlighted the potential drawbacks such as early withdrawal penalties and the impact on overall retirement savings.
Ultimately, Jim and Preston emphasize the importance of carefully considering your individual financial situation and long-term goals before making a decision on whether to take out your beneficiary IRA funds.
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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.
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www.peakwm.com
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EP 220: Elevate Your Finances: Inside the Preston Gee Financial Plan 2024
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EP 212: Mastering Retirement: The 8 Essential Ages for Financial Success
EP 211: 2024's Game-Changer: The 529 Rollover into IRA Explained
EP 210: Maximizing Tax Benefits: How Donor-Advised Funds Can Help
EP 209: Health Care Coverage for Retirees
EP 208: Next Level Investing: Mega Backdoor Roths
EP 207: Making Smart Housing Decisions in Retirement
EP 206: Retirement Investing: Dave Ramsey’s 8% Withdrawal Rate
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