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Eldercare
Reply to "What happens to 401K after death?"
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[quote=Anonymous]Once he retires, he can roll it to Traditional IRA. Make sure you are set up as the primary beneficiary. If he dies usually spouses have the option to roll it into a Trad IRA in their own names to keep that tax deferral going OR an inherited IRA to get immediate access without the 10% early distribution penalty, but needing to pay taxes of course. Before you take any action with the IRA after his death, make sure you get good advice and take the right action for your circumstances. Will you guys have any pension? Just planning to live off Social security? Do you work? You should really put some time and effort into both financial planning and estate planning. It is not creepy to take care of the people you love and make sure they know what to do in the event of your death... it's smart and loving.[/quote]
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