When you hear "legacy planning," you may assume that it's an aspect of estate planning reserved only for the wealthy. A recent Next Avenue article ("2 Money Moves to Help You Leave a Legacy," February 2015) details ways that anyone can leave something behind for their heirs.
One easy way to pass funds to your heirs is by converting a traditional IRA to a Roth IRA. There are no required minimum distributions at age 70-1/2 for a Roth IRA, which means it can grow tax-deferred throughout your lifetime. This increases the amount you can leave behind.
TIAA-CREF can help you leave a legacy while saving for retirement.
Here are a few strategies:
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