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Changes to IRA Inheritance Due to the Newly Enacted Secure Act

... ( 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 The Setting Every Community Up for Retirement Enhancement Act, more commonly known as the Secure Act, was signed into law on December 20, 2019, and came into effect on January 1, 2020. The Secure Act brought several changes to the rules governing Individual Retirement Accounts (IRAs), including inherited IRAs. Here are the newly inherited IRA changes from the Secure Act and what they mean for IRA owners and beneficiaries. Elimination of the Stretch IRA The biggest change to the inherited IRA rules is the elimination of the stretch IRA. Before the Secure Act, non-spouse beneficiaries of inherited IRAs could take withdrawals from the account over their lifetime, allowing the assets to continue to grow tax-free over decades. This strategy was known as the stretch IRA. Under the new rules, non-s