Clearing Up Confusion About SECURE Act: Column
February 19, 2020 by Jill Schlesinger
After I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, I received a slew of questions from readers. Below are some of the most common queries that I fielded about this complex act and what it means for your retirement planning.
Frank from Chicago wanted a clarification about how the new rules impact non-spouses who inherit IRAs. He provided this example: “Suppose my 68-year-old wife dies in 2020 and leaves an IRA account with $100,000 to her 40-year-old son by a previous marriage. How would this money be distributed and, more importantly, be taxed?”
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