Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: Inherited IRA

The SECURE Act, which was passed at the end of 2019, significantly changed the rules on inherited IRAs, making IRAs a lot less attractive for beneficiaries. These changes largely flew under the radar because just after the new rules went into effect, Covid hit, and well, new inherited IRA rules didn’t seem to matter all that much, at least at the time. 

But if you have a significant portion of your assets in 401k or Traditional IRA accounts, then you’ll want to pay close attention this week. Or maybe you expect to receive an inheritance from your parents in the form or IRA assets…in either case, these relatively new changes for how IRAs get passed to non-spouse beneficiaries are big big changes, and not in a good way, because it significantly alters the taxes and the timing of paying those taxes on inherited IRA assets. 

So this week I’ll share with you the specifics on how these new rules might apply to you, how you can reduce the tax bite, and why the case for Roth IRAs just got a lot sweeter with these new rule changes. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation.

That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance