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

[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 It also changes the period that inherited IRA's must be withdrawn down to 10 years.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

[TexasFilly]

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 It also changes the period that inherited IRA's must be withdrawn down to 10 years.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.

[MN-Skeptic]

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 It also changes the period that inherited IRA's must be withdrawn down to 10 years.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.

[TexasFilly]

Thanks MN! I did find that.

[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.