Banking and Savings Most Popular Articles

Contributor

Since 1879, Navy Mutual has faithfully fulfilled its duty to support military families by providing excellent life insurance and annuity products. We are proud to serve as steadfast advocates for Navy Mutual Members to ensure they receive the benefits and financial security they deserve. At Navy Mutual, our guiding principle is to serve our Members the same way they serve our country — with integrity, passion, and commitment. Learn more at www.navymutual.org.

Inheriting a 401 (k)

The IRS has put out new rules which allow children, grandchildren, siblings and other named beneficiaries to transfer the balance of an inherited 401 (k) directly into an IRA. These beneficiaries no longer have to take distributions in a lump sum or spread over only a few years, but instead can spread out the distributions, and the taxes, over their lifetime. Money must be transferred into an "Inherited IRA" not the beneficiaries own IRA in order to benefit from these new provisions. Be sure to check with a tax advisor to properly set-up and title an inherited IRA.

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

Contributor

Since 1879, Navy Mutual has faithfully fulfilled its duty to support military families by providing excellent life insurance and annuity products. We are proud to serve as steadfast advocates for Navy Mutual Members to ensure they receive the benefits and financial security they deserve. At Navy Mutual, our guiding principle is to serve our Members the same way they serve our country — with integrity, passion, and commitment. Learn more at www.navymutual.org.

© 2016 Military Advantage