Beneficiary forms override your will so an outdated designation can send an IRA to an ex-spouse

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An inherited IRA must be emptied within ten years and annual withdrawals are still required in most cases Required minimum distributions now begin at 73 and a Roth 401(k) no longer forces them at all Beneficiary designations on retirement accounts override whatever the will says Backdoor Roth contributions are legal but the pro-rata rule taxes the conversion if you still hold a traditional IRA A Roth conversion is taxed at today's marginal rate in exchange for tax-free withdrawals later The five-year clock on Roth earnings runs separately from the five-year clock on conversions Creditor protection makes a retirement account safer in bankruptcy than a brokerage account A charity named on an IRA escapes the income tax that children would owe on it Inherited IRAs must be emptied within ten years under current rules A hardship withdrawal still owes income tax and usually the penalty unless the reason sits on the short IRS list