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Financial Insights from Fairhaven

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Retirement Account Strategies and Tips

The required minimum distribution (RMD) regulations allowed a designated beneficiary to distribute an inherited IRA over his life expectancy if the IRA owner died before 2020. This meant being able to accumulate tax-deferred growth on non-RMD amounts for many years for young designated beneficiaries. If that designated beneficiary died before 2020, his successor beneficiary could continue taking distributions over what remained of the designated beneficiary's life expectancy. The Setting Every Community Up for Retirement Enhancement (SECURE) Act – which became law in December 2019, severely limited these benefits for IRAs inherited after 2019.

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