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.
These local groups of Modern Woodmen members come together regularly for social, educational and volunteer activities. Chapter activities are experiences, not sales events, and are open to members of all ages. Members 55 and older can also participate in Summit chapters – special groups targeted to the interests of this age group.