It was suggested in an IRA training that a POA should specifically state the agent is authorized to act on a “retirement account”. Our general POA normally states along the line of: "to open, manage, operate, renew, or close any account at any bank or financial institution in the name of appearer; to deposit or withdrawal all or part of the funds; including certificates of deposit, checking, savings, money market, or any other type of account."

I understand that Military POA must have this distinction. Will you please share your knowledge on why we should require this on a regular POA?

You will need to consult your legal counsel for the acceptable wording under your state statutes.

IN's statute is found at IC-30-5-5.

Attorney stated that the special language is not required in our state law. This would be purely a business decision based on the rise in elderly abuse.