If you are the named beneficiary of an IRA (Individual Retirement Accounts) or you own an IRA yourself and have named beneficiaries, this topic affects you. The SECURE ACT shortened the time period beneficiaries are allowed to delay taking money out and paying income taxes. With an update earlier this year, the IRS added more confusion to distribution rules for beneficiaries. This video goes over all of this. Show Notes: Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com. Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. The content of this channel is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Capital Management. Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency. Any review of “The Complete Cardinal Guide” is specific to the book and is not an endorsement of the advisor....(read more)
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As of January 1, 2020, the Internal Revenue Service (IRS) has made changes to the 10-year rule for inherited IRAs. This rule governs how long an inherited IRA must be held before it can be withdrawn without penalty. The 10-year rule states that a beneficiary of an inherited IRA must withdraw all funds from the account within 10 years of the original owner's death. This rule applies to all beneficiaries, regardless of their relationship to the original owner. If the funds are not withdrawn within 10 years, the beneficiary will be subject to a 50% penalty on the amount that was not withdrawn. The new changes to the 10-year rule allow beneficiaries to take distributions from their inherited IRA over a longer period of time. The new rules allow beneficiaries to spread out their withdrawals over the course of their life expectancy. This means that beneficiaries can take smaller withdrawals each year and avoid the 50% penalty. The changes to the 10-year rule provide more flexibility for beneficiaries of inherited IRAs. It allows them to take smaller withdrawals each year and spread out the distributions over their lifetime. This can help beneficiaries manage their finances more effectively and avoid a large tax bill. The changes to the 10-year rule are a welcome update for beneficiaries of inherited IRAs. It provides more options and flexibility for those who are inheriting an IRA and allows them to manage their finances more effectively. https://inflationprotection.org/inherited-iras-under-the-10-year-rule-irs-update/?feed_id=68776&_unique_id=63e36bd01ecb3 #Inflation #Retirement #GoldIRA #Wealth #Investing #beneficiaries #beneficiary #hansscheil #incometaxes #Inherited #ira #IRAs #IRS #secureact #InheritedIRA #beneficiaries #beneficiary #hansscheil #incometaxes #Inherited #ira #IRAs #IRS #secureact
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