For the Record
Retirement accounts: In the Feb. 18 Business section, a Money Talk column said that individual retirement accounts are protected from creditors in bankruptcy filings up to $1,283,025, even if the money was rolled over from a 401(k) or other workplace retirement plan that offers unlimited protection from creditors. In fact, although IRAs’ protection from creditors in bankruptcy filings is typically limited to $1,283,025, money transferred from a 401(k) or other workplace retirement plan to an individual retirement account has unlimited protection from creditors in bankruptcy. In nonbankruptcy situations, the creditor protection afforded IRAs varies by state.
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