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IRAs

What happens to my Traditional or Roth IRA if I die?

We know — it’s not fun to talk about but hey, kudos to you for being prepared. Rest (peacefully) assured that your IRA benefits will be passed directly to your named beneficiaries (without being subject to the estate probate process) in the unfortunate event of your death.

We're here if you'd like to ask any specific questions. Call 847.576.5199 (toll-free at 877.270.6392).

When am I required to begin taking distributions from a Traditional IRA?

If you're already taking your required minimum distributions, then you must continue taking them. Otherwise, by April 1 of the year after you turn 72. Not kidding. It's that specific.

How much do I have to take out of my IRA at age 72?

You must start take the minimum distribution each year beginning with the year you turn 72. This minimum amount is calculated by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy.

The IRS does the math for you; just check out the tables in Appendix B of Publication 590 on their site.