Any way to change RMD in inherited TIAA-CREF IRA
My non-spousal inherited IRAs have their Required Minimum Distrubution calculated by my late mother’s life expectancy instead of mine. TIAA-CREF explains that since she had the funds (Which she had inherited from my father) in what they call a “Savings and Investment” plan instead of a traditional IRA that the RMDs must be calculated this way. Of course this changes a 40 year payout to 13 years. I want to stretch the IRA to my life expectancy.
Is there any way I can legitimately work around this? Perhaps by transferring the funds to a new company who would re-calculate the RMDs by my life expectancy? Any ideas appreciated; most TIAA-CREF advisors I have spoken with don’t even understand why the RMD has been calculated this way and I am at a dead end with them.
Permalink Submitted by Al Fry on Thu, 2008-04-10 14:36
Perhaps she had an inherited plan, instead of rolling to her own IRA. If that was the case, they may be correct.