His focus at is on frugal living, veterans' finances, retirement and tax advice. It’s a personal and situational endeavor with plenty of possible pitfalls in the way of success.Required distributions would be delayed until the point at which the deceased individual would have had to make them.

Once the surviving spouse reaches age 59 ½, the account could be rolled over.

A surviving spouse can also choose the 5-Year Rule option if the spouse died before age 70 ½.

Understanding the complexity of choices that face a retirement account beneficiary is key to satisfying IRS mandates, as well as maximizing the financial advantages of any inherited monies.

Owners and future beneficiaries of retirement accounts are advised to seek professional advice before taking any action regarding them.

These accounts are regulated by a host of Internal Revenue Service (IRS) rules, which provide guidelines for maximum yearly contributions, penalties for early withdrawals, and mandatory distribution amounts based upon the age and life expectancy of the account holder.

When the owner of a retirement account dies, the account can be bequeathed to a beneficiary.

In order to prevent a legal or financial predicament, it is imperative that an account beneficiary get reliable information from a qualified professional who is familiar with IRS regulations.

Bill Fay is a journalism veteran with a nearly four-decade career in reporting and writing for daily newspapers, magazines and public officials.

Retirement accounts were created to provide investment vehicles for individuals so that after they have stopped working, they could access their funds to cover expenses.