
Street$marts: Clarification of the 10-Year Rule for Retirement Account Beneficiaries
In July 2024, the IRS finalized regulations regarding required minimum distributions for inherited retirement accounts, providing crucial clarifications on the provisions established by the SECURE Act 2.0. This legislation significantly reshaped retirement savings laws, particularly concerning how distributions are managed for beneficiaries of retirement accounts inherited in 2020 or later, especially non-spousal ones. I’m Elizabeth Hutton, Vice President and Certified Financial Planner at Howe & Rusling. In today’s Street$marts we will tackle the implementation of the 10-Year Rule, which mandates that most non-spouse retirement account beneficiaries must fully deplete the inherited account within ten years of the original account holder’s death.