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Annual Distributions. Alternatively, IRA beneficiaries are allowed to take annual distributions based on the IRS life expectancy table, instead of withdrawing the entire account within five years. Annual distributions to IRA beneficiaries must begin in the year after the account ownerâs death. If annual distributions donât start on time, however, the beneficiary must liquidate the entire IRA within five years.
How IRA Transfers Work. Transfers are more straightforward than rollovers. To conduct a transfer, ask your administrator to send the funds straight to another retirement account. This new account must be of the same type as your previous one (401k to 401k, IRA to IRA). However, you never gain control of the funds during a transfer.