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The Complete Idiot's Guide® To Protecting Your 401(k) and IRA by Bill Lane, Jennifer Lane

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Guard Against the Common Mistakes

Beyond being sure you follow the sticky tax laws that govern retirement plan inheritances, you need to avoid making these six big mistakes when you inherit a retirement account.
• Taking more than absolutely necessary out of the accounts. Unless you’re the spouse and the retirement assets are part of your family financial plan, most inheritances are essentially found money. It will help your finances much more in the long term if you carefully plan to keep the accounts or their value growing rather than spending an inheritance. Increase your investments in other accounts with the money you must withdraw from your beneficiary IRA. Increase your contributions to your work plan; if you’re retired, decrease your ...

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