Timothy Sumer

FEDLIFE Podcast (Ep. 99): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide - Part I Summary: In celebration of episode 100, we're excited to bring you a brand new conversation that delves into a topic many federal employees overlook — the inheritance of an IRA from someone other than a spouse. Discover the intricacies and rules of non-spousal IRA inheritors while enhancing your understanding of IRA inheritance, its tax implications, and crucial considerations for beneficiaries in this week’s release of the FEDLIFE Podcast with Ed Zurndorfer and Dan Sipe. Ed and Dan discuss: • The evolution of IRA inheritance: Learn the modifications introduced by the Secure Act 1.0 in December 2019 and how these alterations transformed the IRA inheritance landscape • The modified rules surrounding RMDs for non-spousal beneficiaries, including the time frame within which distributions must be made • Year-of-death distribution and its significance for individuals w

The original SECURE Act of 2019 extended the age from 70 ½ to 72 where you are required to take Required Minimum Distributions (RMDs) from your IRA accounts. Now with the passing of the Omnibus Bill, SECURE Act 2.0 extends Required Minimum Distributions (RMDs) beginning date to age 73, starting in 2023. If you are nearing retirement, you need to stay up to date on these changes, and how they may affect your retirement portfolio. Pay attention to the details including how the penalties for not taking withdrawals on time will affect you… ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips With the passage of SECURE Act 2.0, Required Minimum Distributions (RMDs) are phased in over the next 10 years. Here’s the breakdown of when you need to take RMDs: In phase #1: RMDs will now start at age 73, starting in 2023. If you have already started RMDs, this will not change for you. If you tur

Your starting RMD age (likely) just changed. Do you know how it affects your income and tax plan in retirement? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to At the end of 2022, SECURE Act 2.0 was passed, and with it, changes are coming to the retirement planning space. RMD rules, QCD limits, retirement contributions, 529 to Roth Rollover, and more... All of these areas are seeing some massive adjustments. In today's video, we talk about 3 major changes coming to required minimum distributions. Timestamps: 0:00 Your RMD Age is Changing... 0:12 SECURE Act 2.0 Explained 0:48 The New RMD Rules 1:42 No Roth 401k RMDs/25% RMD Penalty 3:17 How will this impact your retirement tax plan? - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan" 🍿 Subscribe to our channel: 🏆 Join our Weekly Email