WCI #189: Inherited IRAs
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 17 December 2020
⏱️ 39 minutes
🧾️ Download transcript
Summary
If you are fortunate enough to inherit an IRA there are some things you should know. Inherited IRAs, also known as stretch IRAs (https://www.whitecoatinvestor.com/new-stretch-ira/) have changed this year. You can no longer leave it to your great grandchild and have them stretch it over the next 80 years. They have to withdraw all the money in year 10. But a listener asked how this affects the backdoor Roth IRA, when it makes sense to roll the IRA over, and whether you can roll these over in the same way as you would other accounts. We delve into these questions in this episode for those looking forward to an inherited IRA. For the rest of you, we talk about whether you should do Roth or tax-deferred 401K contributions, rebuilding your practice during COVID, rebalancing your accounts, whether a medical student should buy disability and umbrella insurance, and what to do if you should have done your Roth IRA through the backdoor but you didn't. Check out the full show notes here https://www.whitecoatinvestor.com/inherited-iras-podcast-189.
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the White Coat get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here's your host, Dr. Jim Dolly. |
| 0:18.0 | This is White Coat Investor Podcast number 189 and Heritage IRAs. |
| 0:22.0 | Let's start with our quote of the day today. |
| 0:24.0 | This one comes from Phil DeMuth, PhD, who said, as we seek the financial advisory help we unquestionably need, |
| 0:30.0 | these helpers like 18th century doctors are just as likely to harm us. |
| 0:34.0 | The simile is apt, because the prescribed treatment inevitably will entail the application of leeches. |
| 0:40.0 | Always a good quote from Phil. |
| 0:42.0 | Thanks for what you do. |
| 0:44.0 | You're hanging in there. We're in a pandemic. |
| 0:46.0 | It's going to get better eventually. |
| 0:48.0 | I hope you're looking forward to a good holiday season. |
| 0:52.0 | I hope you have some time off, maybe, to spend, at least with your immediate family if you can't get out and see any extended family, of course. |
| 0:58.0 | But thanks for what you're going through and for the difficult work that you do day to day. |
| 1:04.0 | No more waiting through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, |
| 1:10.0 | or checking in daily with online forums, trying to gain a financial education the way the hobbyists do. |
| 1:14.0 | For a fraction of the price of hiring a professional financial planner, |
| 1:18.0 | the fire your financial advisor online course will take you from feeling anxious and having no plan. |
| 1:24.0 | To having a written financial plan, you can follow the rest of your investing career as a professional and a retiree. |
| 1:30.0 | This course is the material that should have been taught to you in college, medical school or residency, but never was. |
| 1:35.0 | Fire your financial advisor also has a version eligible for CME credit. |
... |
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