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Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Master Class on Pre-Tax Inherited Retirement Accounts - Part II
Sep 5, 2024
27:03
Snipd AI
Suze Orman, a renowned expert in personal finance and retirement planning, tackles listener questions about inherited pre-tax retirement accounts in this informative session. She clarifies the concept of eligible beneficiaries, particularly for children, and discusses the nuances of required minimum distributions. Suze emphasizes the importance of understanding disability qualifications for beneficiaries. Additionally, she navigates the complexities of rolling over a deceased spouse's IRA and highlights key changes brought by the SECURE Act, ensuring listeners are well-prepared for financial decisions.
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Quick takeaways
- Beneficiaries of inherited pre-tax retirement accounts must understand specific rules to maximize growth and avoid penalties.
- Inheriting an IRA from an employer may require more documentation and strategic planning compared to an inherited IRA from a financial institution.
Deep dives
Understanding Eligible Designated Beneficiaries
An eligible designated beneficiary is defined by specific criteria, particularly in the context of inheriting IRAs. For instance, a child is considered a minor up to their 21st birthday for these purposes, meaning they can stretch distributions from an inherited IRA beyond the typical limits. If the decedent died before their required beginning date, the child can opt for the stretch method until they turn 31, which allows for extended disbursement over their lifetime to maximize growth. It's crucial that beneficiaries understand these rules, as misinformation can lead to significant financial consequences.
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Listen to the best highlights from the podcasts you love and dive into the full episode