by Summary:
Trump, the down-to-earth guy who's on the side of the average American. A populist. Under the insidiously named Secure Act (Setting Every Community Up for Retirement Enhancement) the children who could previously inherit their parent’s IRA and take the Required Minimum Distribution based on their own age – effectively giving them the ability to compound that inherited IRA over their own lifetime on a tax-sheltered basis – will now be required to reduce the account to zero (yes, ZERO!) over a period of ten years. This former provision was previously known as the “Stretch IRA.” Now it’s become the “Shrink IRA.” In addition to wiping out one of the best chances that debt-strapped Millennials ever had to obtain a decent standard of living, the Secure Act will also involuntarily push that
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Trump, the down-to-earth guy who's on the side of the average American. A populist. Under the insidiously named Secure Act (Setting Every Community Up for Retirement Enhancement) the children who could previously inherit their parent’s IRA and take the Required Minimum Distribution based on their own age – effectively giving them the ability to compound that inherited IRA over their own lifetime on a tax-sheltered basis – will now be required to reduce the account to zero (yes, ZERO!) over a period of ten years. This former provision was previously known as the “Stretch IRA.” Now it’s become the “Shrink IRA.” In addition to wiping out one of the best chances that debt-strapped Millennials ever had to obtain a decent standard of living, the Secure Act will also involuntarily push that
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Trump, the down-to-earth guy who's on the side of the average American. A populist.
Under the insidiously named Secure Act (Setting Every Community Up for Retirement Enhancement) the children who could previously inherit their parent’s IRA and take the Required Minimum Distribution based on their own age – effectively giving them the ability to compound that inherited IRA over their own lifetime on a tax-sheltered basis – will now be required to reduce the account to zero (yes, ZERO!) over a period of ten years. This former provision was previously known as the “Stretch IRA.” Now it’s become the “Shrink IRA.”
In addition to wiping out one of the best chances that debt-strapped Millennials ever had to obtain a decent standard of living, the Secure Act will also involuntarily push that Millennial into a higher tax bracket in the years he is forced to take outsized distributions from a large, inherited IRA.
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