My brother passed away two years. I was contacted last month informing me that I am the beneficiary on his IRA. Does the ten year clock start on his date of death or when I actually receive the inherited IRA?
I inherited an IRA from my dad in 2016 when I was 47. It's a stretch IRA, and the RMD's will be getting bigger and bigger to the point that it matches my living expenses at age 60. By age 70 I'll be shoving a large amount into a brokerage account as it will be more than I need. I've already been building up the brokerage and investing it into index funds with all the RMD's, as I'm still working. I can see that it will be an added reason to reduce hours at work and / or possibly retire earlier.
What if my account was an inherited pension?
My brother passed away two years. I was contacted last month informing me that I am the beneficiary on his IRA. Does the ten year clock start on his date of death or when I actually receive the inherited IRA?
I inherited an IRA from my dad in 2016 when I was 47. It's a stretch IRA, and the RMD's will be getting bigger and bigger to the point that it matches my living expenses at age 60. By age 70 I'll be shoving a large amount into a brokerage account as it will be more than I need. I've already been building up the brokerage and investing it into index funds with all the RMD's, as I'm still working. I can see that it will be an added reason to reduce hours at work and / or possibly retire earlier.
Thanks Dustin and Eric good to get the straight scoop
Great content