My wife has inherited a company savings plan had has to make a choice. She is being told that she has to move the money to either an Inherited IRA or into a Brokerage account. From what I know, she is going to end up paying taxes on the money either way. Is she better off just moving the money to a brokerage account and investing in EFT/Mutual Funds or doing the Inherited IRA and taking the required distributions over the next few years?
Also, the company managing the company savings plan is Voya. They are pushing her towards a brokerage account. They are the most expensive firms on the market. Is there a way to move the money to a brokerage account with a different firm?
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Thanks for any feedback
I’m not a financial advisor, so you’ll need to do your own research on this, but I think you should be able to have an inherited IRA in a brokerage account. And I would think that could be with any firm you choose. If it’s currently in Voya, I would think you could do a direct rollover to an inherited IRA at some place like Schwab/TDAmeritade or Fidelity or another low cost broker.
I’m not a tax expert either, but I think you have something like 10 years to withdraw all the funds from an inherited IRA. Spreading it out like that rather than withdrawing it all at once would mean less taxable income each year (but more years that you have taxable income from that account). That might save you taxes if it keeps you in a lower tax bracket.
If this is any substantial amount of money, you might want to consider talking with a financial advisor to determine the best approach for your specific situation.
Speak to a fidelity or vanguard advisor
Absolutely. People around here recommend Fidelity, Schwab, and Vanguard. They’ll be happy to help you invest your money, whether in an IRA or in a taxable account.
I have an Inherited IRA I got under the old rules…so I take RMDs on it. It’s at one of those 3, and I also have a taxable brokerage account there. once a quarter, the invesetment house takes some out of my Inherited IRA and puts it into the taxable account, where it gets reinvested.
Under the new rules, she’ll have to pull all the money out in 10 years (to be precise, I think it’s at the end of the calendar year that’s 10 years after the decedent passed). If this is 5 figures or less, just think about it a little and be a little careful. If it’s a 6-figure amount or more, you all need to do some tax planning: If it’s 250k, you do NOT want to take it all out at once and end up pushing your marginal tax bracket up in to the 30% range. Also be cognizant that TCJA expires in a few years, and unless Congress does something, the Trump-era tax brackets and rates will go away.
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