1. Inheriting a parent's IRA or 401(k)? Here's how the Secure Act could create a disaster

    Inheriting a parent's IRA or 401(k)? Here's how the Secure Act could create a disaster

    Under the new retirement legislation, which was signed into law retirement-2019-12-17" rel="nofollow" target="_blank">just days before Christmas, beneficiaries of inherited IRAs will need to withdraw that money within 10 years — that is, if they have access to it at all within that time.

     Previously, nonspousal beneficiaries could opt to take only required minimum distributions over their life expectancy, rather than taking all the money within five years. (Required minimum distributions are calculated with factors such as the beneficiary’s age, life expectancy and account balance.) That tax-advantaged possibility disappears with the Secure Act, which only allows one option: up to 10 years to drain the account.
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