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Month: August 2024

Inherited 401(k) rules: What beneficiaries need to know

Inherited 401(k) rules: What beneficiaries need to know

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Karen Roberts | (TNS) Bankrate.com

If a loved one has named you as a beneficiary of their 401(k), knowing how to make the best use of the bequest is another way to honor them. How to best use an inherited 401(k) depends on a number of factors — first and foremost your relationship with the primary account holder.

Here are the key rules to know when inheriting a 401(k) and how to avoid some major penalties.

What is an inherited 401(k)?

A 401(k) is an employer-sponsored retirement plan that workers can contribute to during their working life. If there’s money left in the account, it can be passed on to heirs, and you can inherit a 401(k) directly from a spouse or any account holder who has listed you as a primary beneficiary or a contingent beneficiary on the account. If listed as a contingent beneficiary, you would inherit the 401(k) if the primary beneficiary has passed away or cannot be located.

This article does not address options for heirs who end up with a retirement account as a result of asset distribution through probate, as different rules apply. read more

F&I revenue still possible as leasing returns

F&I revenue still possible as leasing returns

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As leasing grows across the country, car dealership finance managers might have a harder time hitting the kind of F&I gross profit per vehicle seen during the inventory shortage. But there’s still an opportunity for the finance and insurance office, experts said.