With the passage of the SECURE Act & SECURE 2.0 Act, Stretch IRAs are no longer an option. So, how should investors with an IRA manage this and what should beneficiaries do with their inherited IRA? Valerie Escobar, senior wealth advisor, and Michael MacKelvie, wealth advisor, share strategies investors may consider with their IRAs.

00:00 Introduction
01:24 What is an Inherited IRA?
04:20 What to do with an Inherited IRA?
08:40 How Should Investors Manage their IRA Before Passing them Down?
15:55 Outro & Disclosures

#SecureAct2 #IRA #StretchIRA

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These videos are limited to the dissemination of general information and are not intended to be legal or investment advice. Nothing herein should be relied upon as such. The views expressed are for informational purposes only and do not take into account any individual personal, financial, or tax considerations. There is no guarantee that any claims made will come to pass.
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Inherited IRA Strategies: Your Life Simplified

When you inherit an IRA (Individual retirement account) from a loved one, it can be a daunting task to manage the account. With the right strategies and planning, however, you can simplify your life and make the most of your inherited IRA.

The first step to managing your inherited IRA is to decide how you want to take distributions. Depending on your age and relationship to the deceased, you may have the option of stretching out the distributions over your own life expectancy or taking the entire lump sum. If you are younger than the deceased and have the option to stretch out the distributions, you will be able to maximize the tax benefits and keep the money in the account for a longer period of time.

Once you have decided how to take distributions, you will need to decide how to invest the money. If you are taking the lump sum, you may want to invest in a mix of stocks, bonds, and other investments. If you are stretching out the distributions, you may want to invest in a more conservative mix of investments that will provide a steady stream of income.

Finally, you will need to decide how to manage the account. If you are taking the lump sum, you may want to hire a financial advisor to help you manage the investments. If you are stretching out the distributions, you may want to manage the account yourself. Either way, it is important to make sure that you are monitoring the account and making adjustments as needed.

Inheriting an IRA can be a complicated process, but with the right strategies and planning, you can simplify your life and make the most of your inherited IRA. By deciding how to take distributions, how to invest the money, and how to manage the account, you can ensure that your inherited IRA is working for you.