I figure Ed Slott has been asked this question a million times, “How much do I need to retire?”, but I ask it anyway.Like anything in life, the true answer is a little more nuanced
Any IRA owner turning age 72 this year will have a required minimum distribution due for 2021, but the due date for taking that RMD will depend on the half of the year in which they were born. June 30 is the cut-off date when the transition to the SECURE Act age 72 RMD rule becomes complete.The SECURE Act raised the RMD age for owners of individual retirement account owners and certain retirement plan participants from 70½ to 72, but only for those who turned 70½ in 2020 or later.
As the founder and lead retirement planner at Rich Life Advisors, Beau Henderson’s advisory practice focuses almost exclusively on serving investors who are within a 10-year window of retirement.
Can you explain how a special-needs trust works?We have an adult child on disability and have been told we can set up a special-needs trust for her
When it was passed into law at the very end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act moved the age for required minimum distributions (RMDs) from 70.5 to 72.
The issue involves the 10-year rule that most non-spouse designated beneficiaries (like adult children or grandchildren, and certain qualifying trusts) who inherit individual retirement accounts will be subject to under the SECURE Act.It was expected that the 10-year rule would work the same way as the 5-year rule: There wouldn’t be annual required minimum distributions, but the entire inherited IRA account balance would have to be withdrawn by the end of the 10-year term.
The real estate market is hot.It is a seller’s market in much of the country and buyers face challenges
Searching for "retirement planning rules" produces 221 million results on Google.Yes, there's a lot of advice out there
Taxes don’t go away when you retire.In fact, for many of you reading this post, taxes may be even more onerous in the future once you are retired
This is my third update on the confusion about the 10-year rule on required minimum distributions under the SECURE Act, and it won’t be the last. Last Thursday, the IRS acknowledged that IRS Publication 590-B, which contains the tax rules for withdrawing funds from IRAs, is being revised, likely to fix the error I wrote about twice before here, in “IRS: SECURE Act’s 10-year RMD rule is not what you thought” on April 12 and “Weighing in on disputed language in IRS 10-year RMD rule” on April 28.
