Get the free Stretch IRA Beneficiary Designation

Stretch IRA Beneficiary Designation Questions? Call our National Service Center at 1-800-888-2461. Instructions Use this form to extend the duration of distributions to the beneficiaries you designate

How to fill out stretch ira beneficiary designation

How to fill out stretch IRA beneficiary designation:

1. Obtain the necessary forms: Contact your IRA custodian or financial institution to request the appropriate forms for designating beneficiaries for your stretch IRA. They may provide a specific form or require you to submit a written request.
2. Provide accurate personal information: Fill in your personal details, including your full name, date of birth, social security number, and contact information. Ensure that all information is accurate and up to date.
3. Specify primary beneficiaries: Indicate the primary beneficiaries of your stretch IRA. These are the individuals who will inherit the assets upon your death. Provide their full names, date of birth, and their relationship to you, such as spouse, child, or sibling.
4. Consider contingent beneficiaries: Contingent beneficiaries are the individuals who will inherit the assets in case the primary beneficiaries predecease you or are unable to receive the assets for any other reason. Include their full names, date of birth, and relationship to you.
5. Determine the percentage allocation: Assign the percentage of your IRA assets that each beneficiary will receive. This allocation should add up to 100%. You may choose to divide it equally or provide specific percentages based on your preferences and circumstances.
6. Review and update regularly: It is crucial to review and update your stretch IRA beneficiary designation periodically or after significant life events, such as marriage, divorce, or the birth of a child. This ensures that your assets are distributed according to your wishes.

Who needs stretch IRA beneficiary designation:

1. Individuals with a traditional or Roth IRA: Whether you have a traditional IRA or a Roth IRA, it is essential to designate beneficiaries. This ensures that your assets are transferred according to your wishes and allows for the potential benefits of a stretch IRA.
2. Those who want to maximize tax-deferred growth: By designating beneficiaries for your stretch IRA, you enable potential tax-deferred growth of the assets over an extended period. This can be advantageous for beneficiaries who wish to stretch out the distributions over their lifetimes.
3. Individuals looking to control asset distribution: By designating beneficiaries, you retain control over the distribution of your assets after your death. This can be particularly important if you want to pass on your wealth to specific individuals or manage the inheritance in a particular way.

Remember, it is always beneficial to consult with a financial advisor or estate planning professional when filling out a stretch IRA beneficiary designation form.

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