Spousal Beneficiary Rollover

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DEFINITION of 'Spousal Beneficiary Rollover'

A transfer of retirement fund assets to the spouse of the deceased. The transfer is generally done in one of two ways. The first way is for the retirement account to remain intact and simply be renamed to reflect the new owner. The second way is to transfer the funds to the spouse's account.

BREAKING DOWN 'Spousal Beneficiary Rollover'

The spouse is not automatically designated as the recipient of unused retirement funds. However, with many retirement plans, the spouse must give their consent for another recipient to be named. In some cases, for example in a qualified plan account, the spouse must be named the beneficiary.

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RELATED FAQS
  1. Are spousal Social Security benefits taxable?

    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
  2. Are spousal Social Security benefits retroactive?

    Spousal Social Security benefits are retroactive. These benefits are quite complicated, and anyone in this type of situation ... Read Full Answer >>
  3. Can my IRA be used for college tuition?

    You can use your IRA to pay for college tuition even before you reach retirement age. In fact, your retirement savings can ... Read Full Answer >>
  4. Why are IRA, Roth IRAs and 401(k) contributions limited?

    Contributions to IRA, Roth IRA, 401(k) and other retirement savings plans are limited by the IRS to prevent the very wealthy ... Read Full Answer >>
  5. How do you calculate penalties on an IRA or Roth IRA early withdrawal?

    With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the ... Read Full Answer >>
  6. What is the Social Security administration responsible for?

    The main responsibility of the U.S. Social Security Administration, or SSA, is overseeing the country's Social Security program. ... Read Full Answer >>

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