Like many Americans, you’ve accumulated substantial retirement savings in a tax-qualified individual retirement account (IRA) such as a 401(k) or 403(b). Few financial strategies provide a better opportunity for growing your money tax-deferred.

But what happens when you retire, and you find yourself with sufficient sources of income to support your lifestyle without tapping into your IRA? Unfortunately, once you reach a minimum age (typically 70 1/2), IRS minimum distribution rules require you to take annual payments from your IRA, even if you don’t need the money. This can present an unwelcome tax burden not only for you, but also for your heirs when your IRA is passed on to them. In some instances, estate and income taxes may reduce the value of an IRA by as much as 70%.

That’s why it is important to know your options and properly plan to preserve your IRA assets for future generations. Today, with the proper selection of distribution choices and beneficiary designations, you have the potential to keep your IRA money growing tax-deferred during your lifetime, and create a lasting financial legacy you can pass on to your children, and even your grandchildren.

Recently revised IRS rules make it simpler and easier to extend or “stretch” your IRA tax-deferred growth potential over multiple generations. By adopting this “multi-generation” IRA distribution strategy and taking advantage of new, more favorable required minimum distribution (RMD) tables, you can reduce your tax burden during retirement, and help maximize the assets you pass on to your heirs.