Retire Confidently Podcast

What if it’s not too late? What if you truly can Retire Confidently? I’m Telton W Hall, Certified Financial Planner, and best selling author of The Secure Solution: Creating a High Quality Retirement in a Low Interest Rate World. My team and I have engaged in thousands of retirement planning sessions with middle and upper middle class Americans -people like you, with their own unique fears and families, their own messes and successes, and they have done just that – Retired Confidently. If you are willing to go with me, I can tell you how.

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Retire Confidently Podcast

Assumed IRA vs Inherited IRA

June 05, 2023 • Telton W. Hall

An assumed IRA is an IRA that has been inherited by a spouse. The spouse can treat the IRA as their own, and they can continue to make contributions to the IRA. They will also have to take required minimum distributions (RMDs) starting at age 72.

An inherited IRA is an IRA that has been inherited by someone other than a spouse. The beneficiary of the IRA must take RMDs starting at the end of the year following the death of the account owner. The RMDs are calculated based on the beneficiary's life expectancy.

The main difference between an assumed IRA and an inherited IRA is that the spouse of the account owner can treat the IRA as their own, while other beneficiaries cannot. This means that the spouse of the account owner can continue to make contributions to the IRA and they will not have to take RMDs until they are 72. Other beneficiaries will have to take RMDs starting at the end of the year following the death of the account owner.

It is important to speak with a financial advisor to discuss the best options for your specific situation. Please reach out if you have any questions.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.