Can a creditor seize my retirement savings?

Debt, Personal Finance, Retirement Savings
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June 2017
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The answer is typically no - they can not.  However to what level the protection holds, it really depends on state laws regarding homestead and asset protections.  There are also Federal laws.

To be clear, this is related to qualified retirement plans and ERISA Plans (like IRAs, Roth IRAs, 401k's and Pension plans and not necessarily other types of accounts).  Some states have very generous exemptions on annuities and insurance products as well.

As an example, in Texas our retirement savingsare pretty much 100% protected.

Note that there was recent court cases that have now excluded inherited IRAs from Federal protections - see my article:

https://www.stawealth.com/2014/07/10/supreme-court-ruling-inherited-iras-and-bankruptcy/

 

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