Reported 3 days ago
The article discusses the complexities surrounding inherited IRAs, particularly after the changes brought by the SECURE Act, which eliminated the stretch IRA benefit for non-spouse beneficiaries. It explains how distributions must generally be completed within 10 years for IRAs inherited after January 1, 2020, and outlines the special rules for spouses inheriting IRAs. Additionally, it offers advice for individuals in their late financial preparation stages, highlighting the importance of claiming Social Security wisely and considering 401(k) options for future savings.
Source: YAHOO