I am 74 years old (I was born Feb 2, 1948). My wife and I both worked for Aetna, but have retired and have 401(k)s from work that are with Vanguard. I received her 401(k) as a spousal inheritance and maintain it in a separate account. I plan to take RMDs on her account but […] The post Ask an Advisor: When Do I Have to Take RMDs from the 401(k) That I Inherited from My Wife? She Hasn’t Turned 72 appeared first on SmartReads by SmartAsset.
I recently learned that I am the beneficiary of an annuity in the amount of $54,845 from a friend. I was given choices on how to receive the money: lump sum, roll it over or defer the payments over a certain number of years. I don't have anything saved for retirement and I don't know […] The post Ask an Advisor: What Should I Do With the Annuity I’m Inheriting? Take a Lump Sum, Roll it Over or Defer Payments? appeared first on SmartReads by SmartAsset.
Navigating the often complex world of inherited individual retirement accounts (IRAs) can be daunting, especially in the wake of losing a loved one. It can be even more complicated if you're inheriting an already inherited IRA. Understanding the rules and regulations surrounding inheriting an inherited IRA is crucial to ensure the smooth transition of assets […] The post Inheriting an Inherited IRA: What You Need to Know appeared first on SmartReads by SmartAsset.
IRS delays final ruling on changes to inherited IRA required distributions until 2024, and extends the RMD penalty waiver to 2023 for certain beneficiaries.