Skip to main content

RMD or 10 Year Rule on Inheriting an Inherited IRA?


The SECURE Act allows those who inherited IRAs prior to 2020 to continue using the stretch IRA option, those who inherit an inherited IRA must use the 10-year rule. Have a question for the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at LINKS: Be sure to stay up to date by following us! Facebook - ​ Instagram - Twitter - ​ Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results....(read more)


LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
When inheriting an IRA, it is important to understand the 10-year rule and Required Minimum Distribution (RMD). The 10-year rule states that the beneficiary of an inherited IRA must withdraw the entire balance of the account within 10 years of the original owner's death. The beneficiary is not required to take an annual distribution, but the entire balance must be distributed before the 10-year period ends. The RMD is the amount that must be withdrawn from the inherited IRA each year. The RMD is calculated based on the beneficiary's age, the account balance, and the IRS life expectancy tables. The RMD must be withdrawn each year, and if not taken, the IRS may impose a 50% penalty on the amount not withdrawn. It is important to note that the 10-year rule and RMD apply to inherited IRAs only. Traditional IRAs and Roth IRAs held by the original owner are subject to different rules. For example, the original owner of a traditional IRA must begin taking RMDs by April 1st of the year following the year in which they turn 70 1/2. Roth IRAs do not require RMDs at any point. Inheriting an IRA can be a complicated process, and it is important to understand the 10-year rule and RMDs. It is also important to consult a financial advisor or tax professional to ensure that you are taking the correct steps to comply with the rules. https://inflationprotection.org/rmd-or-10-year-rule-on-inheriting-an-inherited-ira/?feed_id=70057&_unique_id=63e95ca6c0cab #Inflation #Retirement #GoldIRA #Wealth #Investing #10yearrule #estateplanning #financial #inheritedira #inheritediradistributionoptions #inheritedirarmd #korhorn #stretchira #stretchira10yearrule #wisemoneyshow #InheritedIRA #10yearrule #estateplanning #financial #inheritedira #inheritediradistributionoptions #inheritedirarmd #korhorn #stretchira #stretchira10yearrule #wisemoneyshow
Labels:

Comments

Post a Comment

Popular posts from this blog

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for ...
Post a Comment
Read more

Birch Gold Group Review 2023 – Best Gold IRA Company? Pros and Cons

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. See chapters in the description. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Chapters: 0:00 - Intro 0:26 - Is Gold a Good Investment? 1:03 - What is Birch Gold Group? 1:37 - IRA Eligible Coins 1:59 - Is Birch Gold Group a Legitimate Company? 2:50 - How Does Birch Gold Group Work? 3:34 - Birch Gold Group’s Fees and Investment Options 4:02 - Birch Gold Group Low Minimum Investment 4:29 - Birch Gold Group Storage and Security 5:34 - Con #1 – No Overseas Storage Options 5:49 - Con #2 – Initial Setup Fees 6:02 - Birch Gold Group Review Summary Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch...
Post a Comment
Read more