I recently found this article on Michael Kitces' blog & didn't see it posted here on the Forum. It may be of interest to others on the Forum or to those they informally advise. Because it doesn't apply to me, I haven't verified any assertions. In summary, the article states that military life insurance & certain other benefits can be rolled over to a Roth within 1 year after receipt. Kitces' article implies that these contributions--like all other Roth contributions (but not the earnings thereon)--can be withdrawn without penalty or tax; it's key for young widow(er)s to verify that. I don't know if beneficiaries other than spouses can use this provision.
Link to Article: http://www.investmentnews.com/article/2 ... A91CE9AA92
Link to HEART: https://www.congress.gov/110/plaws/publ ... ubl245.pdf
I hope this helps. I'm always interested in seeing that those who serve our country (& I include military families in that definition) are aware of their benefits.
Happy 4th a few days early!
Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
1 post • Page 1 of 1