She Inherited Her Husband's $600,000 IRA at 56. One Checkbox Let Her Spend It Penalty-Free Years Before Any 59½ Rule Applied

She Inherited Her Husband's $600,000 IRA at 56. One Checkbox Let Her Spend It Penalty-Free Years Before Any 59½ Rule Applied

If you inherited an IRA from your spouse and you’re under 59½, there’s a single election on the beneficiary paperwork that can save you tens of thousands in penalties. Most surviving spouses tick the wrong box on autopilot. They roll the money into their own IRA, feel responsible, and then discover that touching a dime ... She Inherited Her Husband’s $600,000 IRA at 56. One Checkbox Let Her Spend It Penalty-Free Years Before Any 59½ Rule Applied

The 10-Year Inherited IRA Clock Is Not as Simple as 'Wait Until Year 10'

If you inherit an individual retirement account (IRA), you typically need to empty it within 10 years. But you may also have to take RMDs.