traderspoc Posted December 23, 2019 Report Share Posted December 23, 2019 This is the best article if found that explains it, to simplify it, if you turn 70 1/2 in 2020 your new date for RMD withdrawal is a when you reach age 72. This who reached 70 1/2 in 2019 or before are under the same old rules ,nothing changed for you. your withdrawal age is 70 1/2. There are some exceptions and ways to delay withdrawal. but this article just for your info, for more information contact your investment company. https://www.forbes.com/sites/jamiehopkins/2019/12/18/why-the-secure-act-makes-2020-the-year-of-missed-rmds-from-iras/ 1 Quote Link to comment Share on other sites More sharing options...
traderspoc Posted December 23, 2019 Author Report Share Posted December 23, 2019 its expected to become law in a few weeks 1 Quote Link to comment Share on other sites More sharing options...
tomgates Posted December 23, 2019 Report Share Posted December 23, 2019 No more stretch IRAs either after 12/31/19. Any IRA left to spouse or kids has to be liquidated(and taxed) within 10 years. Quote Link to comment Share on other sites More sharing options...
Lily H Posted December 24, 2019 Report Share Posted December 24, 2019 Inherited RMDs withdrawal within 10-year new law applies to all NON-SPOUSE beneficiaries. 2 Quote Link to comment Share on other sites More sharing options...
traderspoc Posted December 30, 2019 Author Report Share Posted December 30, 2019 Secure act raises taxes for many: The new 10-year rule drastically diminishes the chances of withdrawing assets in a tax-friendly manner For those sons and daughters who are beneficiaries nearing retirement (in less than 10 years) you may want to delay taking any withdrawals from these inherited accounts under the 10-year rule until after you have retired, so that the withdrawal is not taken on top of their earned income (current salary), There are no required minimum distributions within those 10 years, but the entire balance must be distributed after the 10th year. You could spread the distribution over 3 or 4 years if you want, the 8th, 9th and 10th year etc to pay less taxes. The downside of secure act allowing more annuities in 401k plans: Annuities are complex investment products, and the wrong choice can be detrimental to a person’s portfolio. Will The annuity company be there for you. You are betting on their financial stability. In the late 80s Mutual benefit annuity company when under and gave everyone about 60% of there principal with no interest. Mutual benefit actuaries when they sold the annuities did not calculate people would live longer. Upside of annuities “If they can be structured in a way to meet long-term retirement income objectives You may live to be 100. We will see if there are any loop holes to the secure act as it gets applied in the next two years. Quote Link to comment Share on other sites More sharing options...
Honorandfaith Posted December 31, 2019 Report Share Posted December 31, 2019 It's all about the gov't "getting more money now". 1 Quote Link to comment Share on other sites More sharing options...
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