Social Security Report

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The 10-year rule is now law for non-spouse beneficiaries

There is some good news and not so good news for non-spouse beneficiaries of tax-deferred retirement accounts.  First, the good news, thanks to the 10 year rule in the Secure Act passed last year, most will avoid annual required minimum distributions (RMD) for deaths occurring after 2019.  Now the bad news, this RMD hall pass for surviving beneficiaries requires these inherited accounts to be emptied by December 31^st of the 10^th year following the year of death and failure to comply could trigger a 50 percent penalty. In Don Korn’s article appearing on www.financial-planning.com, he addresses the 10-year hitch in pretax retirement plans. Read Mr. Korn’s article here…

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