Legacy Planning

Retirement Accounts & Beneficiary Designations

Retirement Accounts & Beneficiary Designations

Retirement Accounts

Planning for retirement, which is saving and setting aside a sum of money is not just good advice, but one that is wise, and a key strategy is to grow your funds in tax-advantaged retirement accounts like IRAs (Individual Retirement Accounts). While IRAs benefit from tax-free growth, taxes apply when funds are withdrawn.

How the Tax is Collected

How Is My IRA Taxed When I am Living

When you withdraw from your IRA during your lifetime, it's taxed as ordinary income. Also, if you withdraw before 59½, there's a 10% penalty in addition to taxes. And if you don't start withdrawing by 70½, a steep 50% penalty is imposed.

What Happens When I Pass Away

Upon your passing, your IRA goes to your beneficiary. If your spouse inherits it, there are no immediate tax consequences. However, for a non-spouse beneficiary, the entire IRA is taxable, which can significantly reduce their inheritance. This type of tax is known as “Income in Respect of a Decedent.” IRAs, 401(k)s, deferred compensation plans, and other qualified plans are subject to this tax. However, depending on the size of your retirement plan, this tax (along with estate taxes) could reduce the amount passed to your beneficiary by up to 75 percent.

Charitable Gifts of IRA's

For those over 70½, a Qualified Charitable Distribution from your IRA is a tax-wise method. The funds must be directly transferred to the charity, and you can't exceed $100,000 per year. It's a straightforward way to support a cause you care about while reaping tax benefits.

Legacy Planning

Gift Options

Let Us Help You Protect What Rightfully Belongs to You!

Ethical Approach

Great Ideas

Save Money

Detailed Report

The content on this site is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our site constitutes a solicitation, recommendation, endorsement, or offer by You Need It Specific or any third party to buy or sell any financial instruments.

© You Need It Specific 2023, All Rights Resereves

Nationwide Services, Establishments Based in TX & CT

if social media - put here - maybe?

Comprehensive Financial Planning

Highlight your comprehensive financial planning services, which involve a holistic assessment of a client's financial situation. Describe how you work closely with clients to set financial goals, create personalized financial plans, and provide ongoing guidance to help them achieve their objectives. Mention areas you cover, such as retirement planning, investment management, tax planning, and estate planning.

Investment Management

Promote your investment management services, where you assist clients in building and managing investment portfolios aligned with their financial goals and risk tolerance. Explain your approach to asset allocation, portfolio diversification, and investment strategies tailored to individual needs.

Retirement Planning

Emphasize your retirement planning services. Describe how you help clients plan for a secure and comfortable retirement by assessing their retirement goals, estimating retirement income needs, and creating strategies for retirement savings and withdrawals. Highlight your expertise in optimizing retirement accounts, such as 401(k)s and IRAs.

Estate Planning and Wealth Transfer

Showcase your estate planning and wealth transfer services. Explain how you assist clients in preserving and transferring their wealth efficiently to heirs and beneficiaries while minimizing estate taxes. Describe strategies for creating wills, trusts, and legacy plans tailored to their unique circumstances.

What Are Our Customers Saying ?

I can't thank [Your Company Name] enough for their unwavering support and expert guidance. When my husband and I faced a sudden financial crisis, we didn't know where to turn. They were there for us, day and night, helping us make sound decisions.


I've been a client of [Your Company Name] for years, and I can confidently say they've transformed my financial outlook. Their 24/7 services have allowed me to seize investment opportunities at the right moment and navigate market turbulence with ease.


Get In Touch