2 Traditional IRA Quirks You Should Plan for Now

If you've invested in a traditional IRA, you probably took time to read the fine print before signing your name on the dotted line. You knew what you were getting into. However, the same may not be true for your beneficiaries following your death. If you plan to leave your IRA to someone you care about, there's a quirk you might want to be reminded of, if only to give your beneficiary (or beneficiaries) a heads-up.We'll also offer you a gentle nudge regarding required minimum distributions (RMDs), a reminder that you might want to come up with a plan for RMDs if you haven't already done so. Let's look at RMDs first.As with many other types of investments, you must begin taking required minimum distributions the year you turn 73, and failure to do so can be costly. Under the SECURE 2.0 Act, if you fail to take your RMD by the IRS deadline, you must pay a 25% excise tax on money that should have been withdrawn.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool