It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast

This week the theme was: Inherited IRAs - Explained

In case you missed any episodes, here’s what I covered this week:

• Inherited IRA Basics
• Understanding The New Inherited IRA Rules
• Clarification to Inherited IRA Rules Coming In 2022 (Hopefully!)
• How To Reduce Taxes On Inherited IRA Withdrawals
• Why The Roth IRA Makes Even More Sense Now

The most important takeaway from this week is: With the new 10-year withdrawal rule on inherited IRAs now in effect, the tax bite on withdrawals could sneak up on you if you inherit IRA assets from family members, and if you’re not diligent with your own estate planning around IRA assets, then you could end up sticking your own children with a fat tax bill when you pass along those inherited IRA assets to them.

One final note about this week’s topic. IRA rules are complicated and since the rules around Inherited IRAs are still a work in progress, its especially important that you always talk with your professional advisors - your financial advisor, tax advisor, and your estate attorney before implementing any ideas from this week’s topic. There’s always exceptions to the rules and while I talked about the rules in general terms that apply to most people, I simply don’t have the time in each episode to cover this topic from every angle, so talk to your professional advisors to help you avoid misinterpreting the rules and making mistakes that could prove costly. 

Tomorrow, come on back because we’re starting a brand new theme: How To Deal With Inflation. 

Inflation is a topic I’ve covered a few times on the podcast, and in August of 2020, before the Fed ever took inflation seriously, which was a massive policy error on their part, I was saying that inflation wasn’t a problem…yet. 

Well now it is and I was wrong for thinking that the Fed would be able to rein it in sooner. Yet, here we are with record high inflation at 8.6% and those fears are driving stock markets into a tailspin. 

So next week, I’ll talk about a few actionable steps you can take today to minimize the impact of inflation on your family’s finances.

Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement. 

Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast.

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