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Can I avoid taking money from an inherited IRA?

Can I avoid taking money from an inherited IRA? Updated 9:30 PM; Unsure A. We’re sorry to hear about your mother. And unfortunately, there are new rules on how inherited IRAs are distributed, and you won’t be able to avoid paying taxes on the money. But you do have some time. If you inherited the IRA from your mom on or after Jan. 1, 2020, you must withdraw all the assets in the account within 10 years, said Jeanne Kane, a certified financial planner with JFL Total Wealth Management in Boonton. The SECURE Act, which went into effect in 2020, eliminated the ability for you to stretch the distributions over your lifetime, she said.

Can I avoid taking money from an inherited IRA?

Can I avoid taking money from an inherited IRA?
nj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nj.com Daily Mail and Mail on Sunday newspapers.

How long will it take to double my retirement savings?

How long will it take to double my retirement savings? Updated 5:30 AM; Investor A. Ah, yes, the Rule of 72. This is a calculation to help you estimate how long it will take to double your money. It’s a simple formula, said Jeanne Kane, a certified financial planner with JFL Total Wealth Management in Boonton. “Divide 72 by your interest rate and you get the number of years it takes for your money to double,” she said. For example, she said, a balanced stock portfolio that returns 7.2% per year will double in 10 years. Take 72 and divide it by 7.2 and you get 10 years.

How long will it take to double my retirement savings?

How long will it take to double my retirement savings?
nj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nj.com Daily Mail and Mail on Sunday newspapers.

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