Can You List Minor Children as IRA Beneficiaries?

by Gary Foreman

List Minor Children as IRA Beneficiaries photo

There can be major advantages to listing minor children as IRA beneficiaries, but you need to know how to do it properly. We consult a financial planning expert to identify the potential problems and solutions.

According to nerdwallet, the average IRA account balance is over $102,700 people aged 40 to 49 and $174,100 for those aged 50 to 59. And you hope you’ll save enough to last the rest of your life.

But what happens to the balance when you pass away? It goes to your beneficiaries, and how you choose beneficiaries can make a major difference in how much money they actually inherit. This is especially true if you want it to go to children or grandchildren who are minors. Can you list minor children as IRA beneficiaries? And is there any downside to doing this?

To help us understand the problem and potential solutions, we sought out a financial planning expert. Jason Lina is a CFA, CFP accredited financial planner in Atlanta and St. Simons Island GA.

Q: What are popular stores or places that carry stylish and functional accessories at reasonable prices?

Lisa: Here are my top favorites:

RocksBox! This is a relatively new find of mine, but it's great for stylish ladies on a budget. RocksBox provides a genius new subscription program that allows you to borrow three pieces of gorgeous jewelry each month, which you can then exchange at any time for three new pieces of jewelry.

If you'd prefer to purchase items instead of "borrow" them, try Purple Peridot.

Boss Lady Tip: Many of these retailers sell great looking jewelry, but the metals are not waterproof and even the oils in your skin might dull them over time. I find that a light coating of Krylon Crystal Clear Acrylic Coating Spray does wonders for extending the life of your non-precious metal jewelry.

Q: What are popular stores or places that carry stylish and functional accessories at reasonable prices?

Lisa: Here are my top favorites:

RocksBox! This is a relatively new find of mine, but it's great for stylish ladies on a budget. RocksBox provides a genius new subscription program that allows you to borrow three pieces of gorgeous jewelry each month, which you can then exchange at any time for three new pieces of jewelry.

If you'd prefer to purchase items instead of "borrow" them, try Purple Peridot.

Boss Lady Tip: Many of these retailers sell great looking jewelry, but the metals are not waterproof and even the oils in your skin might dull them over time. I find that a light coating of Krylon Crystal Clear Acrylic Coating Spray does wonders for extending the life of your non-precious metal jewelry.

We can help you gain control of your finances and live better...for less.

Subscribe to Financial Independence, our daily email newsletter. It doesn't cost anything. And, it could make a huge difference in the way you live! Subscribers get Are You Heading for Debt Trouble? A Simple Checklist and What You Can Do About It for FREE!

Your Email:

Start your journey to financial independence.

Debt ChecklistSubscribe to get money-saving content by email each day aimed at helping you live better for less, get better with money, and fix your finances so you can achieve financial independence.

Since one of the biggest hurdles to achieving financial independence is debt, subscribers get a copy of Do You Have Too Much Debt? A Checklist and Solutions for FREE!

We respect your privacy. Unsubscribe at any time.

Q: What are popular stores or places that carry stylish and functional accessories at reasonable prices?

Lisa: Here are my top favorites:

RocksBox! This is a relatively new find of mine, but it's great for stylish ladies on a budget. RocksBox provides a genius new subscription program that allows you to borrow three pieces of gorgeous jewelry each month, which you can then exchange at any time for three new pieces of jewelry.

If you'd prefer to purchase items instead of "borrow" them, try Purple Peridot.

Boss Lady Tip: Many of these retailers sell great looking jewelry, but the metals are not waterproof and even the oils in your skin might dull them over time. I find that a light coating of Krylon Crystal Clear Acrylic Coating Spray does wonders for extending the life of your non-precious metal jewelry.

Q: What are popular stores or places that carry stylish and functional accessories at reasonable prices?

Lisa: Here are my top favorites:

RocksBox! This is a relatively new find of mine, but it's great for stylish ladies on a budget. RocksBox provides a genius new subscription program that allows you to borrow three pieces of gorgeous jewelry each month, which you can then exchange at any time for three new pieces of jewelry.

If you'd prefer to purchase items instead of "borrow" them, try Purple Peridot.

Boss Lady Tip: Many of these retailers sell great looking jewelry, but the metals are not waterproof and even the oils in your skin might dull them over time. I find that a light coating of Krylon Crystal Clear Acrylic Coating Spray does wonders for extending the life of your non-precious metal jewelry.

Q: What are popular stores or places that carry stylish and functional accessories at reasonable prices?

Lisa: Here are my top favorites:

RocksBox! This is a relatively new find of mine, but it's great for stylish ladies on a budget. RocksBox provides a genius new subscription program that allows you to borrow three pieces of gorgeous jewelry each month, which you can then exchange at any time for three new pieces of jewelry.

If you'd prefer to purchase items instead of "borrow" them, try Purple Peridot.

Boss Lady Tip: Many of these retailers sell great looking jewelry, but the metals are not waterproof and even the oils in your skin might dull them over time. I find that a light coating of Krylon Crystal Clear Acrylic Coating Spray does wonders for extending the life of your non-precious metal jewelry.

Reviewed August 2020

About the Author

Gary Foreman is a former financial planner and purchasing manager who founded The Dollar Stretcher.com website and newsletters in 1996. He's the author of How to Conquer Debt No Matter How Much You Have and he's been featured in MSN Money, Yahoo Finance, Fox Business, The Nightly Business Report, US News Money, Credit.com and CreditCards.com.

Let us help you achieve your financial goals.

Subscribe to Financial Independence, our daily email newsletter. It doesn't cost anything. And, it could make a huge difference in the way you live!

Debt ChecklistSubscribers get Are You Heading for Debt Trouble? A Simple Checklist and What You Can Do About It for FREE!

Your Email:

Follow Us

We can help you gain control of your finances and live better...for less.

Subscribe to Financial Independence, our daily email newsletter. It doesn't cost anything. And, it could make a huge difference in the way you live!

Debt ChecklistSubscribers get Are You Heading for Debt Trouble? A Simple Checklist and What You Can Do About It for FREE!

Your Email:

Pin It on Pinterest

Share This