{"id":6637,"date":"2015-06-17T17:19:34","date_gmt":"2015-06-18T00:19:34","guid":{"rendered":"http:\/\/capnbob.us\/blog\/2015\/06\/17\/considering-retirement-alternatives-planning\/"},"modified":"2015-06-17T17:19:34","modified_gmt":"2015-06-18T00:19:34","slug":"considering-retirement-alternatives-planning","status":"publish","type":"post","link":"http:\/\/capnbob.us\/blog\/2015\/06\/17\/considering-retirement-alternatives-planning\/","title":{"rendered":"Considering Retirement Alternatives Planning"},"content":{"rendered":"

IRA Calculator (click on the image to enlarge)<\/a><\/p>\n

Hmmm . . . I guess the acronym for the title of this post is CRAP<\/strong>. Oh well, that is not important.<\/p>\n

I was thinking about the eventuality of me not being here for the Damsel or vice versa. We each have our own IRAs and have each other as beneficiaries. I wanted to see what would happen to my Required Minimum Distribution (RMD) amount should I not be here or what the withdrawal implications of hers would be if she were to be gone. Hard stuff to think about but it’s gotta be done.<\/p>\n

I looked around on the (insert famous savings institution here) website and did not find much information on my specific concerns. Next, I used an on-line search engine with appropriate keywords and found several links. One link to the Charles Schwab<\/strong> IRA Calculator<\/a> proved to be the exact information I needed to know since it was specific to the beneficiary of an inherited IRA.<\/p>\n

I needed to enter several relevant items: the balance of the account as of 12\/31\/14, date of birth, date of death, type of inheritance (spouse), beneficiary’s date of birth and an estimated annual rate of return. The calculator itself updates immediately with each new entry. I actually like this calculator better than the one found on my IRA holder website<\/a>.<\/p>\n

The answer to my original question of “what happens if . . . ?” is – nothing<\/em>! When I go, she inherits the IRA just as it is and will continue to have the required minimum distributions just as it does today. If I should inherit her IRA, RMDs won’t be necessary until the year where she would have turned 70½ and the distributions would be based on her date of birth, not mine. The IRA distribution scenarios are identical whether we’re here or not.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hmmm . . . I guess the acronym for the title of this post is CRAP. Oh well, that is not important. I was thinking about...<\/p>\n","protected":false},"author":190,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,19],"tags":[],"class_list":["post-6637","post","type-post","status-publish","format-standard","hentry","category-money","category-retirement"],"_links":{"self":[{"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/posts\/6637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/users\/190"}],"replies":[{"embeddable":true,"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/comments?post=6637"}],"version-history":[{"count":0,"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/posts\/6637\/revisions"}],"wp:attachment":[{"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/media?parent=6637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/categories?post=6637"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/capnbob.us\/blog\/wp-json\/wp\/v2\/tags?post=6637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}