If I get sued for any reason & don't have enough money to pay can I be forced to take money out of my retirement IRA Account?
Las Vegas, NV |
My question is a hypothetical situation not something that has happened to me. I just want to find out if my retirement accounts are safe if I get sued because of a car accident or some other reason. Other than my car I don't own any other property.
Retirement accounts are generally protected from creditors up to $500,000.00. In most instances, then, you will be protected (unless you have contributed significantly to a SEP IRA or contributed the maximum into an IRA since the IRA was originally introduced.
I agree with Mr. Eccles. If you are concerned with this, it may be worthwhile to do a brief consultation with an attorney who can advise you as to your potential liability and additional steps you may wish to take.
You can also review certain assets which are exempt from garinshment (prior to bankruptcy), as these are set out in NRS 21.090.