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Podcast: Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®
Episode: EP 222: Maximizing Your Inheritance: Should You Take Out Your Beneficiary IRA Funds?
Description: 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 im...