SECURE Act
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Search complete. 90 mentions across 52 episodes found for "SECURE Act".
Oct 31, 2026
Jim SaulnierHOST
Then he's asking the article.
Jim SaulnierHOST
If you go to the article and read it, an attorney wrote it several years ago, Post-Secure Act, but was making mention that the IRS in private letter rulings, a private letter ruling, folks, is just applicable for, to the person who asked for it.
Jim SaulnierHOST
You have to pay for one.
Jim SaulnierHOST
They're between $10,000 and $20,000 just to file and ask the IRS a question and an opinion.
Bob SponsellerHOST
Well, let's review the rules here.
Bob SponsellerHOST
Under the SECURE Act, anyone who passed away in 2020 or later, the SECURE Act does require the entire inherited IRA for a non-spouse beneficiary like you, Brad.
Bob SponsellerHOST
to be distributed by December 31st of the 10th year following the original owner's death.
Bob SponsellerHOST
It sounds like you're already aware of that.
Logan SadlerGUEST
where if you inherited an IRA, a 401 , they mean that this has not been adjusted yet for taxes.
Logan SadlerGUEST
And under the SECURE Act, now what you have to do is you have to take out, you have up to 10 years to take all that money out, and all of that money would be taxable at your income bracket.
Logan SadlerGUEST
so would you want if you inherited five hundred thousand dollars do you want to pull it all out probably not you probably want to take you know fifty thousand dollars a year a hundred thousand dollars a year so meaning if it's a 401k ira or any of those types of accounts you now only have 10 years to take that money out and to pay all the tax and that's where i think it's very important to understand when you inherit money which bucket is it in and if so after you've identified it what's the best strategy moving forward to help take these distributions where overall maybe I could pay the least amount of taxes possible.
Logan SadlerGUEST
So I think, you know, those are some good points to look at.
David LauGUEST
Different products have different minimums, but you can see minimums as low as $5,000 to open a product, particularly like a MIGA, which is a CD-like fixed annuity product.
Chuck JaffeHOST
I want to change the subject to a different way that people can use annuities, which is Secure 2.0, the Secure Act, let employers offer annuities in their retirement plans.
Chuck JaffeHOST
An in-plan annuity lets workers allocate some of their retirement savings to an annuity.
Chuck JaffeHOST
We know that investors like the idea of lifetime income, but have they been taking advantage of it? Because it seems like the 2.0 gave people a lot more interest in like, what kind of esoteric garbage can I put in my portfolio? Then how do I...
David LauGUEST
It's a pretty daunting challenge, even for financial advisors, let alone the average American.
David LauGUEST
so that's where you know a product like an annuity can come into play to give you that paycheck you know and kind of replicate what you've been used to through your working life and guarantee that paycheck for your life so i think it's a really important innovation that needs to get into 401ks you know even more than it is currently but for american they can still take their assets out of the 401k and purchase an annuity to get the you know to get the same result
Chuck JaffeHOST
As dysfunctional as things are in Washington, D.C., the SECURE Act have been able to get through.
Chuck JaffeHOST
They've found agreement because that's like the one area of retirement.
Tom MosleyHOST
Okay.
Tom MosleyHOST
But with the secure act that left us all insecure after 2019, what happens from 2020 on is if you inherit an IRA, like your kids will inherit yours, and maybe you've inherited one from your parents, that money has to be taken out now in 10 years.
Tom MosleyHOST
if you're a direct relative and a child or somebody who's directly inherited or sometimes after five years.
Tom MosleyHOST
So you've gotta take that out in a period of time.
Bob SponsellerHOST
Well, let's review the rules here.
Bob SponsellerHOST
Under the SECURE Act, anyone who passed away in 2020 or later, the SECURE Act does require the entire inherited IRA for a non-spouse beneficiary like you, Brad.
Bob SponsellerHOST
to be distributed by December 31st of the 10th year following the original owner's death.
Bob SponsellerHOST
It sounds like you're already aware of that.
Ryan FlemingHOST
So, for example, if you have an inherited IRA, Hudler and Hudlers, where did you inherit it from? Where did it come from, and when did you get it? That's a big one.
Ryan FlemingHOST
So, for example, if you inherited an IRA prior to 2020 in Secure Act 1.0, and you inherited that, let's say, in 2017, there's different rules on the distribution of that IRA.
Ryan FlemingHOST
It's called a stretch IRA.
Ryan FlemingHOST
You could stretch it out over your entire life.
Paul SundinGUEST
And what does that mean? It basically means that with a SEP or an IRA, you set it up with a document, and that document's good forever.
Paul SundinGUEST
But with a 401 , the IRS will come out from time to time and make changes to it and say, based on the SECURE Act or something, we're going to change the language in it.
Paul SundinGUEST
You have to, every six years, adopt that new language with an amendment and adopt that into your plan, which means you have to have a plan administrator do it.
Paul SundinGUEST
And so you're probably going to pay a couple hundred dollars a year to do it, to administer.
Jacob MessickHOST
I think what also determines too, and for today's conversation, we're going to talk anything after SecureX.
Jacob MessickHOST
So If you inherited an account before Secure Act in 2019, the rules are a little bit different than if you, let's say, you inherited that account today.
Jacob MessickHOST
So for today's purpose, for this education, not advice, we're talking about, you know.
Troy BranchHOST
1.0, so we're including both of them.
Alan CohenGUEST
It counts as ordinary income, so it creates a taxable event.
Alan CohenGUEST
What people don't understand is that the SECURE Act that came out a couple years ago, when non-spouse heirs, they have to empty the inherited IRA account within the 10 years.
Alan CohenGUEST
We call it the 10-year rule, and it's a major tax issue, especially for children that inherit these accounts.
Alan CohenGUEST
They're forced to take income.
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