Calling the investment co. by phone you get numerous variations of how plan rules work.

I want eye to eye, up front and in person answers.

It's still early in the year, so maybe the impact and timing of the so-called "SECURE" bill is being interpreted by investment house execs, and has not yet been explained to the branch advisors.

I called the investment co. by phone numerous times and got different versions of when I need to take MDRs. Another thing I first need to do is move these to an IRA out of the 401 accounts. Received as beneficiary and can't leave them in 401 status forever.

Both accounts had typos and it was nerve wracking to straighten them out months on end.

... depending on the relationship, ages, etc.

The new law in the OP mentions changes in inherited IRAs. This area didn't affect me, so I didn't research the impact. Apparently, "Stretch IRAs" (whatever they were) are eliminated, and inherited IRAs have to be completely distributed within a fairly short (5 or 10 years?) span.

Good luck, especially with typos

This is what crooks do to 'innocent' people by their fraud and criminal ways. I had to give the sun, moon and stars plus my first born and other identifiers to 'prove ' I was who I claimed to be.

One account I have till April to do 'something' with, the other I have until the end of 2020. Gonna work on it very soon. Read some peoples' experiences on the google--weren't aware of rules and got penalized 50% bc they dint attend to accounts in a timely manner.

Best to you also dealing with this!

you are required to take the RMD in 2020

but for the first RMD year, they give you until Apr the following year. That would mean you take two RMDs the following year, one for 2019 and one for 2020.

I think.

Required minimum distributions (RMDs) now begin at age 72
Americans are working longer and will no longer be required to withdraw assets from IRAs and 401(k)s at age 70½.
RMDs now begin at age 72 for individuals who turn 70½ in the calendar year 2020.
If you turned age 70½ in 2019 and have already begun taking your RMDs, you should generally continue to take your RMDs. The IRS may provide further guidance on this point, so you might want to speak with your tax advisor regarding any 2020 distributions.

To calculate the RMD you need to know the value of the retirement account on Dec 31st of the previous year to calculated the RMD


https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

Thanks for the correction

was for a retirement income not a tax shelter for your heirs. (Individual Retirement Account) Chances are if you don't spend it and enjoy retirement a damn nursing home or hospital will get it before you die anyway. Not arguing just the way I see it.

the nursing home is going to get money for your care; they don’t work for free. The choice is actually between your having some money to pay for your own care, at least for a while, and getting to choose a slighter more comfortable nursing home, or to take whatever Medicaid bed is available.

While it is nice to leave something to our heirs, we are not obligated to do so. And we certainly want to take care of ourselves first.