By Alynne Zielinksi, MBA, CFP®, CDFA - Manager, Financial Planning
What Does The SECURE Act Mean To Me?
I have already started my RMDs because I am 70 ½ or older.
The SECURE Act does not impact your RMDs as the new rule is not retroactive. You must continue taking RMDs.
I turned 70 ½ in 2019.
You need to begin taking your RMDs and must take your first RMD by April 1st of 2020. Your RMD for 2020 and subsequent years will need to be taken no later than December 31st of each year.
I will be 70 ½ in 2020.
You do not need to take RMDs until you reach age 72. Your first RMD must be taken on or before April 1st of the year following the year you turned 72. Subsequent RMDs will need to be taken no later than December 31st of each year.
I am inheriting an IRA and I am the decedent’s spouse.
These rules remain the same.
I am inheriting an IRA and I am not a spouse of the decedent
Option 1: Open an Inherited IRA
Option 2: Open an Inherited IRA – 5-year method
Option 3: Lump Sum Distribution
I want to make a Qualified Charitable Distribution (QCD) from my IRA
These are not affected by the SECURE Act. QCDs may still be taken from IRAs as early as age 70 ½.
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