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Beware, the IRS is eyeing your inherited money

Bill Bischoff
Beware, the IRS is eyeing your inherited money

The SECURE Act is allegedly intended mainly to encourage more businesses to offer retirement plans and expand opportunities for workers to invest their retirement account funds. It would also raise the age that you must begin taking mandatory IRA and retirement account required minimum distributions (RMDs) from the current 70½ to 72. If it becomes law, the SECURE Act would require most non-spouse IRA and retirement plan beneficiaries to drain inherited accounts within 10 years after the account owner’s death.