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Q&A: Old inherited IRA is safe from “drain it in 10 years” requirement

July 8, 2024 By Liz Weston

Dear Liz: You have written that non-spouse beneficiaries are now required to drain their inherited IRAs within 10 years. Is this requirement retroactive?

I inherited an IRA from my mother in 2015. I have been taking out the minimum required each year. If I must drain the account within 10 years, will the increase in yearly income affect my Social Security benefits?

Answer: The 10-year requirement applies only to accounts inherited from people who died after Dec. 31, 2019.

IRA distributions don’t affect Social Security benefits, but could affect Medicare premiums if the withdrawal is large enough. Taxable income above certain limits triggers a Medicare surcharge known as an income-related monthly adjustment amount, or IRMAA.

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Filed Under: Inheritance, Q&A, Retirement Savings, Social Security Tagged With: inherited IRA, IRMAA, Medicare, Social Security, stretch IRAs

Reader Interactions

Comments

  1. Steve says

    July 12, 2024 at 9:29 am

    So if you inherit an IRA prior to 2019, and then you pass and leave it to your wife, do they have a ten year requirement or can they do stretch payments as well?

    • Liz Weston says

      July 12, 2024 at 11:08 am

      The rules are different when spouses inherit. This article might help: https://www.nerdwallet.com/article/investing/inherited-ira-options#

  2. William O’Neill says

    July 12, 2024 at 10:11 am

    I inherited a 403b from my deceased wife. I have an RMD this year but my wife died at age 69 this year. Can I wait until she would have been 73 before I start taking her funds?

    • Liz Weston says

      July 12, 2024 at 11:10 am

      This IRS article might help: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

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