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Widows Pension Option? |
A 42 year old friend of mine was recently widowed and is the beneficiary of her husbands pension. Can she put this in an inhereted IRA, and withdraw funds when her husband, which was older than she is, would have turned 59.5 years old? If the inherited pension is a 'qualified' plan, she can roll the pension over into an IRA. Since the plan was her spouses' plan, the rollover IRA will become her IRA and she does not need to take distributions from it until she reaches 70 1/2. She may take distributions without penalty from it once she reaches 59 1/2. She will owe ordinary income tax on the distributions. IRAs are set up for the individual, and while she can inherit the IRA (in reality, the money in it), she cannot withdraw the money when her husband would have turned 59.5. |
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