Kiplinger

“There is no downside to inheriting an IRA other than not being able to handle it,” says Ed Slott, president of Ed Slott & Co., an IRA distribution firm in New York. “I’ve worked with parents and grandparents who don’t talk to their kids about inheritance. The kids get a windfall but don’t realize it’s taxable.”

New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first quarter of 2023, Americans held more than $12 trillion in IRAs. If your parents saved diligently throughout their lives, there’s a good chance you’ll inherit some of that money.

Saving for retirement? Good start. But almost everyone has something to learn about optimizing their individual retirement account from IRA strategist Ed Slott. Also, the next round of retirement-planning changes Congress is eyeing.

Take these financial steps before New Year’s Day and you can save on taxes, improve your credit, fine-tune your portfolio and boost your retirement savings.Here's where to start.

Ryan Ermey: Living in retirement comes with twists and turns, no matter when you retire.But life has been particularly chaotic for retirees of late

The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020.Here are answers to questions about the waiver.

People who took a required minimum distribution (RMD) in 2020 and want to roll it back into an IRA because of the RMD waiver, a reprieve granted by the CARES Act, may have a little more time to do it.Recent IRS guidance includes an extension until July 15, 2020, to complete time-sensitive actions, such as indirect rollovers of retirement account distributions

The coronavirus stimulus package, known as the CARES Act, working its way through Congress is expected to waive required minimum distributions (RMDs) from retirement savings accounts for 2020, granting a reprieve for retirees age 70½ and older who might otherwise be required to sell low and take distributions just when the stock market has nosedived in recent weeks.

IRAhelp.com's Ed Slott joins our hosts Sandy Block and Ryan Ermey to explain how the SECURE Act could be impacting your retirement plans.

The changes would be particularly helpful for the growing number of people who are working into their seventies, says Ed Slott, founder of IRAHelp.com.