The One-Year Anniversary Special: The Best Questions of 2021, Ep #52 

<p>I love when people ask questions! So in this special episode of Retirement Made Easy—and celebrating one year of the podcast—I’m answering five listener questions. If you don’t have a background in financial or retirement planning, I’ll happily answer any question you may have. Just head on over to RetirementMadeEasyPodcast.com and send me a message!</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[2:55] Don’t be afraid to ask me a question!</li> <li>[6:08] Question #1: How to handle inherited IRAs</li> <li>[8:57] Question #2: Should you invest all of your accounts the same way? </li> <li>[12:45] Question #3: How do you roll over a 401k?</li> <li>[14:37] Question #4: How do you help your kids start Roth IRAs?</li> <li>[16:42] Question #5: Should you purchase whole life insurance?</li> <li>[19:42] Don’t take all of the advice you’re given by family + friends</li> </ul> <h2>Question #1: How do you handle an inherited IRA?</h2> <p>The gentleman that asked this question was told that the IRA he had inherited from his father had to be kept with the current custodian for 10 years. He was told after 10 years he could withdraw the money. That’s NOT how inherited IRAs work! </p> <p>You can move the inherited IRA to any custodian that you’d like (i.e. from Fidelity to Charles Schwab). You can also control <em>how</em> it’s invested. You can move from a conservative strategy to a moderate or aggressive portfolio that fits your risk tolerance. <em>You call the shots</em>. </p> <p>For someone whose parents passed away after January 1st, 2020, you have 10 years to take distributions out and pay the taxes on the IRA. So if you inherited $100,000, you could take distributions of $10,000 per year. You can’t wait until the end of 10 years. </p> <h2>Question #2: Should you invest all of your accounts the same way? </h2> <p>Should you invest all of your accounts the same way? This particular listener, Jenny, has a trust account, Roth IRA, regular IRA, and a 401k (4 different accounts). Without