The retirement savings of many Americans took a hit in 2017 as the market fluctuated and the government changed tax laws. For those who had an inherited IRA, the changes in the RMD table for 2017 had an especially large impact on their retirement savings. With the right knowledge, however, these individuals can still use an inherited IRA to their advantage and plan for a more secure financial future.
An inherited IRA is a type of retirement account that is passed down to a beneficiary after the death of the original owner. When the original owner of the IRA passes away, it is up to the beneficiary to determine how to manage and invest the funds in the account. This includes deciding when to take distributions from the account. In 2017, the RMD table for inherited IRAs was updated to reflect recent changes in tax law. It is important for beneficiaries to understand these changes in order to make the most out of their inherited IRA.
The RMD table for inherited IRAs outlines the minimum required distributions that beneficiaries must take from their accounts each year. The amount of the distribution is determined by calculating the value of the account and the age of the beneficiary. The RMD table for 2017 has been updated to reflect the changes in tax law, which include raising the maximum tax rate and changing the way distributions are taxed.
By understanding the new rules, beneficiaries will be able to plan ahead and make sure they are taking the right amount from their inherited IRA each year. Knowing the RMD table for 2017 will also help them to make more informed decisions about how to manage their inherited IRA and ensure that their retirement savings remain secure.
In addition to understanding the RMD table for 2017, there are a few other steps that beneficiaries can take to make sure their inherited IRA remains successful. Beneficiaries should consider creating a budget to keep track of their spending and ensure that they are taking the correct amount from their inherited IRA each year. They should also review the investment options available within the account and make sure they are invested in the right mix of assets. Finally, they should consult with a financial advisor to make sure they are making the best decisions for their particular situation.
By following the RMD table for 2017 and taking the other steps outlined above, beneficiaries of an inherited IRA can make sure their retirement savings remain secure and successful. With the right knowledge and planning, these individuals can use their inherited IRA to their advantage and plan for a more secure financial future.
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