In this video, Amar Shah, CFA, CFP®, Founder of Client First Capital, gives a retirement planning quick take on a new IRS ruling regarding waiving the 50% penalty for missed 2021 and 2022 RMDs for inherited IRA beneficiaries subject to the SECURE ACT 10-year payout period. At Client First Capital, we help you build and maintain a secure financial future for your family by providing integrated wealth management solutions aligned with your values and family dynamics. Learn more at www.clientfirstcap.com. ----------------- The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. Client First Capital, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Client First Capital, LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Client First Capital, LLC unless a client service agreement is in place...(read more)
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Today, the US government has released an update to the Inherited IRA rules that will go into effect on October 7th, 2022. This update is designed to help make it easier for heirs to manage their inherited retirement funds. Under the current rules, when an individual passes away, their IRA must be distributed to the beneficiaries within 10 years. This can be a difficult task for heirs to manage, especially if they are not familiar with the rules and regulations of an IRA. The new rules, however, will allow beneficiaries to spread out the distributions over their lifetime. This will give them more control over the funds and allow them to make more informed decisions about how to manage their inherited retirement funds. In addition to allowing beneficiaries to spread out the distributions, the new rules also provide more flexibility with regards to how the funds can be used. Beneficiaries will now be able to use the funds for a variety of purposes, including paying for college tuition, purchasing a home, or investing in a business. This will help ensure that the funds are used in a way that is beneficial to the beneficiary. Finally, the new rules also provide more tax advantages for beneficiaries. Under the current rules, beneficiaries are subject to income taxes on the distributions. However, under the new rules, beneficiaries will be able to take advantage of deductions and other tax benefits that may help reduce their tax burden. Overall, the new rules should make it easier for heirs to manage their inherited retirement funds. This update is a welcome change for those who are inheriting an IRA and will help ensure that the funds are used in a way that is beneficial to the beneficiary. https://inflationprotection.org/inherited-ira-update-october-7th-2022/?feed_id=72626&_unique_id=63f53e5e8dbfc #Inflation #Retirement #GoldIRA #Wealth #Investing #inheritedira #ira #IRS #retirementplanning #RMD #InheritedIRA #inheritedira #ira #IRS #retirementplanning #RMD
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