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What is the difference between a primary beneficiary and a contingent beneficiary?

Primary Beneficiary:

The primary beneficiary is the individual (or individuals) you designate to receive the assets in your IRA upon your death. You can assign one or multiple primary beneficiaries and specify the percentage each should receive. These beneficiaries have the first right to the funds in your IRA.

Contingent Beneficiary:

A contingent beneficiary is the backup recipient of your IRA assets. They will only inherit the funds if all primary beneficiaries are deceased or legally unable to accept the assets at the time of your passing.