IRA beneficiary

Submitted by John Andronaco on Sun, 2024-01-07 16:18

While I am still living can another individual (spouse) be the beneficiary of my IRA distributions? I am 77 and she is 63. With the annuity in my IRA pending, the payout would benefit her being the primary beneficiary. My plan is for lifetime payout to her with a guaranteed payout of 15 years. In case of her untimely death I am protected to age 92. After that I become my kids’ problem (LOL).



Submitted by David Mertz on Sun, 2024-01-07 17:08

  • While you are living, any distribution from your IRA is your income, not your spouse’s income (although the distinction might not matter if you file a joint tax return).
  • It’s up to the provider of the IRA annuity to give you their options for establishing the annuity such as whether or not the annuitant can be your spouse.

Submitted by Robert Wright on Tue, 2024-01-09 15:35

An 84 year old just passed away – she had not named a beneficiary on her IRA.What happens now? 

Submitted by Alan - IRA critic on Tue, 2024-01-09 15:49

Most IRA agreements make the owner’s estate the default beneficiary, but the agreement should be checked to be sure. If the estate is the beneficiary, then decedent’s will would determine the beneficiaries of the estate, and if no will the intestate provisions of the state. Once the executor or PR determines the estate beneficiary, distributions can be made to the estate to pay final bills and if there is enough left over the executor could assign the IRA out of the estate to the estate beneficiaries in separate inherited IRA accounts. The RMD distribution period for these separate inherited IRAs will be the same as for the estate, which is the remaining single life expectancy  of the decedent.

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