Depending on your situation, a 401(k), IRA or other retirement account may not be the most efficient way to pass on an inheritance at your death.
Your beneficiaries will be responsible for the income taxes due on any withdrawals they receive from your retirement accounts. You can help by using withdrawals* from your retirement savings to pay for life insurance.
Life insurance death benefits:
- Provide instant liquidity for a beneficiary.
- Are not subject to income taxes.
- Can be used to help your beneficiaries pay taxes due on inherited retirement savings.
Ask a Modern Woodmen representative how life insurance can help you pass money efficiently to your loved ones.
*Withdrawals from retirement accounts are subject to income taxes. See your tax advisor for information about your specific tax situation.
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A 401(k) plan is an employer-sponsored retirement plan that offers several income tax benefits for those looking to save for retirement.401(k) plans