Latest News
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 31st of the 10th 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…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.