Inheriting an IRA? Basic rules explained. Add me on Insta: michellemarki The Great Wealth Transfer means that millions of Millennials and Gen Xers could stand to inherit $30 trillion to $68 trillion from Baby Boomers in the coming decades. For fellow Millennials, this could mean that we go from collectively owning $4.5 trillion in 2018 to $20 trillion by 2030 -- or a compounded annual return rate of 13.3%. This impressive rate reflects both our own savings and investing rates, as well as what we might inherit. However, it is sad and difficult when our elders pass on. And then it's made when worse when the situation of inheriting Individual Retirement Accounts (IRA) such as a Traditional IRA, 401k, or Roth IRA is confusing and complicated because of current interpretations of the rules. As of 2022, the IRS has been working on making some final interpretations of the SECURE Act of 2019 that took effect in 2020 for inherited retirement accounts. I'm sharing what I...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)