Jack Phelps, founder of The Relaxing Retirement Coach, explains how your non-spouse beneficiaries can avoid paying income taxes on the entire balance of your IRA all at once.
Wellesley, MA – August 24, 2011 – Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, recently published an article on his website (http://www.theretirementcoach.com) outlining the seldom used Inherited IRA option. The article, titled “How Your Family Can Benefit from the ‘Inherited IRA,’” covers the steps beneficiaries must take in order to avoid paying taxes on your entire IRA.
Jack Phelps writes, “Their second option is to establish an “Inherited IRA” upon your death which would allow the money in your IRA to continue to grow tax deferred for the rest of their lives. The potential tax savings from this option is enormous. Imagine your money continuing to grow without taxes for decades vs. withdrawing and paying ordinary income taxes on the entire balance up front, and then reinvesting what’s left over.”
The Relaxing Retirement Coach, Inc. provides their members with the ‘missing structure’ they need to make a seamless and relaxing transition to their retirement years so they can confidently do everything they want to do without worrying about money. Their Relaxing Retirement Coaching Program™ provides members with a personalized, one-on-one retirement coaching relationship with constant attention to each and every detail necessary for them to consistently enjoy a relaxing retirement experience.
The entire article can be found at http://www.theretirementcoach.com/articles/how-your-family-can-benefit-from-the-inherited-ira.php
To learn more about The Relaxing Retirement Coach, Inc., please visit http://www.theretirementcoach.com
About Jack Phelps
Prior to developing The Relaxing Retirement Coaching Program™ back in 1994, Jack spent five years as a registered representative with Prudential Financial Services. In 1989, Jack graduated from Holy Cross College in Worcester, Massachusetts with a B.A. in Economics.