Inherited IRA
2 large brokerage firms told me that with inherited IRA I would have 10 years in which to remove all funds, could do it at my own pace. Do they have incorrect info.
Also, in googling Secure Act of 2020 and reading Investopedia comments it seemed I could use my late wife’s age in calculating RMDS. This of course would slow down distributions. She died in 2020 and had been taking RMDS for several years, I am 88 and after contacting my broker am totally confused.
Thanks for your help
Permalink Submitted by Alan - IRA critic on Thu, 2021-05-06 22:11
Yes, if you maintain the IRA titled as inherited, you can use your wife’s age to determine your RMDs, but the RMDs would be lower if you rolled it over to your own IRA, even though you are older. The reason is that with your own IRA you can use the Uniform Table which has much lower RMD %s than the single life table you would have to use if you maintained the IRA as inherited (showing both your names on the registration). The Secure Act did not change these rules with respect to spouse beneficiaries.