#010 - When do I have to take distributions from inherited retirement accounts?

Retirement Planning Education, with Andy Panko

Andy Panko

Annuities, Taxes, Ira, Retirement Planning, Social Security, Roth Ira, 401k, Pension, Investing, Financial Planning, Roth Conversion, Tax Planning, Education

2.4 • 671 Ratings

🗓️ 17 February 2022

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Summary of the Required Minimum Distribution ("RMD") rules around inherited retirement accounts Links in this episode: "Free Stuff" (including the IRS Uniform Lifetime table and flowcharts) - hereIRS Joint Life and Last Survivor Expectancy table - hereMy detailed video about RMDs from inherited accounts - hereFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Newsletter - Retir...

Transcript

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0:00.0	Do you have an inherited retirement account and need to figure out when you need to take payments out of it and how big those payments need to be?
0:06.8	We'll stick around because I'm about to answer those questions in this, the 10th episode of the Retirement Planning Education Podcast.
0:16.6	Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs,
0:22.5	employer retirement plans, taxes, Social Security, Medicare, portfolio withdrawal strategies,
0:28.4	annuities, estate planning, and much more.
0:31.2	And now here's your host, Andy Panko.
0:34.0	Welcome, everyone. Thanks for listening.
0:36.0	We got a live one today. We're going to be talking about
0:39.9	required minimum distributions from inherited accounts. Invigorating, right? I'm only half kidding
0:46.6	when I say that. So no, seriously, today's episode will be about understanding when you have to
0:52.2	take required minimum distributions from retirement accounts
0:55.6	you inherit as opposed to your own accounts. And I will point you to some good handouts where
1:01.6	you can do the calculation for figuring out how much distribution you need to take.
1:06.7	I won't get too much into the math and the examples in this because it doesn't really lend
1:09.9	itself well in audio format, but I do have links in the show notes to resources I've made
1:15.3	available where you can find answers to all the calculations for these things.
1:20.1	So last week's episode, episode nine, was all about RMDs or required minimum distributions
1:25.1	from your own accounts, so your own IRA, your own 401k, etc.
1:29.7	Today, today is slightly different. It's all about RMDs from retirement accounts you inherit.
1:35.0	So accounts that were not your own, they were from someone else, that someone else unfortunately passed.
1:40.1	You now are the beneficiary of the account. Very different rules when it comes
1:46.0	to RMDs and how much you need to take out from inherited accounts versus your own accounts.
	...

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