Are inherited IRAs subject to Required Minimum Distributions

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If you've inherited an Individual Retirement Account (IRA), you're likely wondering how Required Minimum Distributions (RMDs) come into play, especially with recent changes in the law. In this video, we’ll break down the rules for inherited IRAs and RMDs so you can understand how they affect your financial strategy. • Federal RMD Rules Apply Nationwide: Under the SECURE Act of 2019, most non-spouse beneficiaries must withdraw the entire balance of the inherited IRA within 10 years of the original account owner's death. This rule is commonly referred to as the 10-year rule. However, there are important exceptions for Eligible Designated Beneficiaries, which include: • •Surviving spouses • •Minor children of the account owner (until they reach the age of majority) • •Disabled or chronically ill individuals • •Those not more than 10 years younger than the deceased • If you fall into one of these categories, you may be able to follow a different RMD schedule. • Navigating the complexities of inherited IRAs and tax laws can feel overwhelming, but understanding the RMD rules can help you plan better for the future. Tune in to learn more about how these rules apply to you, and don’t forget to like and subscribe for more financial tips! • 🔔 Don't forget to subscribe for more insights on retirement planning and financial management! • Annuity Calculator: https://www.annuityexpertadvice.com/a... • Call (770) 755-1565 to schedule a free consultation. • For more resources and content, check us out below! • Instagram: / annuityexpert • Facebook: / annuityexpert • Pinterest: / annuityexpert • Linkedin: / the-annuity-expert

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