Inherited an IRA? The 10-Year Rule Isn’t What You Think
Inherited an IRA from a parent? You’ve probably heard you have 10 years to empty it. But if your parent was already taking required minimum distributions, you may need to take a withdrawal every single year, and the IRS penalty relief on missed RMDs is over.
In this video, Randa, founder of Radiant Wealth Planning, walks through an example of a 56-year-old who inherited $1.4 million. She explains what the 10-year rule actually requires, how inherited Roth IRAs and spousal inheritances differ, and how a required distribution can be turned into a retirement savings strategy by pairing it with a maxed-out 401(k).
Read the full article: [link]
These stories are based on real-life scenarios. Names and details have been changed. This content is for educational purposes only and does not constitute financial, tax, or legal advice.
Radiant Wealth Planning is a fee-only fiduciary firm serving high-net-worth professionals and executives.
These stories are based on real-life scenarios. Names and details have been changed. This content is for educational purposes only and does not constitute financial, tax, or legal advice.
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About the Author
Randa Hoffman is the owner and financial planner at Radiant Wealth Planning, a fee-only financial planning and investment management firm exclusively for women. She helps ease the uncertainty around retirement, tax planning, and transitioning wealth so that women can live a life they’ve always dreamt of. She holds an MBA and EA and lives in Newport Beach, CA.
