SECURE Act changes the age for IRA Required Distributions and other things

Post Reply
User avatar
Reality Check
Posts: 16273
Joined: Fri Feb 20, 2009 8:09 pm
Location: USA
Contact:

SECURE Act changes the age for IRA Required Distributions and other things

#1

Post by Reality Check »

I guess this is the right forum for this:

I missed this one until I saw it on another forum today. The SECURE Act was passed into law in December. It changes the age for Required Minimum Distributions for IRA's and 401k accounts from 70-1/2 to 72 beginning in 2020. It also changes the period that inherited IRA's must be withdrawn down to 10 years. That applies to non-spousal account inheritors. Under the old rule the withdrawals could be stretched out over their lifetime.

https://www.marketwatch.com/story/with- ... 2019-12-21
"“If you’re not outraged, you’re not paying attention.”

Heather Heyer, November 2016

TexasFilly
Posts: 20514
Joined: Mon Sep 28, 2009 12:52 pm

Re: SECURE Act changes the age for IRA Required Distributions and other things

#2

Post by TexasFilly »

Reality Check wrote:
Sun Jan 12, 2020 5:11 pm
I guess this is the right forum for this:

I missed this one until I saw it on another forum today. The SECURE Act was passed into law in December. It changes the age for Required Minimum Distributions for IRA's and 401k accounts from 70-1/2 to 72 beginning in 2020. It also changes the period that inherited IRA's must be withdrawn down to 10 years. That applies to non-spousal account inheritors. Under the old rule the withdrawals could be stretched out over their lifetime.

https://www.marketwatch.com/story/with- ... 2019-12-21
Thanks for posting this. I have an inherited IRA. Now I have to research if that applies to moi.

ETA: Looks like it only applies prospectively, but I will call my accountant and I will have to adjust my own estate planning.
I love the poorly educated!!!

Kevin McCarthy: Paul Ryan playing with a head injury -- Jon Lovett

User avatar
MN-Skeptic
Posts: 3523
Joined: Wed Jan 25, 2012 6:36 pm
Location: Twin Cities

Re: SECURE Act changes the age for IRA Required Distributions and other things

#3

Post by MN-Skeptic »

TexasFilly wrote:
Sun Jan 12, 2020 10:15 pm
Reality Check wrote:
Sun Jan 12, 2020 5:11 pm
I guess this is the right forum for this:

I missed this one until I saw it on another forum today. The SECURE Act was passed into law in December. It changes the age for Required Minimum Distributions for IRA's and 401k accounts from 70-1/2 to 72 beginning in 2020. It also changes the period that inherited IRA's must be withdrawn down to 10 years. That applies to non-spousal account inheritors. Under the old rule the withdrawals could be stretched out over their lifetime.

https://www.marketwatch.com/story/with- ... 2019-12-21
Thanks for posting this. I have an inherited IRA. Now I have to research if that applies to moi.
For inherited IRAs, the change applies to deaths after Dec 31, 2019. If you are already receiving RMDs from an inherited IRA, this does not apply to you.
MAGA - Morons Are Governing America

TexasFilly
Posts: 20514
Joined: Mon Sep 28, 2009 12:52 pm

Re: SECURE Act changes the age for IRA Required Distributions and other things

#4

Post by TexasFilly »

Thanks MN! I did find that.
I love the poorly educated!!!

Kevin McCarthy: Paul Ryan playing with a head injury -- Jon Lovett

User avatar
Reality Check
Posts: 16273
Joined: Fri Feb 20, 2009 8:09 pm
Location: USA
Contact:

Re: SECURE Act changes the age for IRA Required Distributions and other things

#5

Post by Reality Check »

Another provision of the law is that you can contribute to a traditional IRA even after reaching age 70-1/2. I suppose that will affect a few people but not many.
"“If you’re not outraged, you’re not paying attention.”

Heather Heyer, November 2016

Post Reply

Return to “Economy”