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Here at Cox Strategic Wealth, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone calls.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Cox Strategic Wealth
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ROTH IRAS AND THE 10-YEAR RULE: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD
Director of Retirement Education

Question:

Can a retired person not working contribute to a Roth IRA?

Answer:

There are no age limits for Roth IRA contributions. This allows older people to contribute. However, the rules do require earned income. For example, income from a part time job would work. If you are married and your spouse has earned income, you can also make a spousal contribution to a Roth IRA based on your spouse’s earned income.

Question:

Regarding the 10-year requirement to empty inherited IRAs under the SECURE Act, is it 10 years from date of death or the end of the tenth year following the year of death

Answer:

The 10-year rule under the SECURE Act requires an inherited IRA to be emptied by December 31 of the tenth year following the year of death. It does not require the account to distributed by the tenth anniversary of the death. For example, if an IRA owner died on February 17, 2020, then the inherited IRA would need to be completely distributed by December 31, 2030.

https://www.irahelp.com/slottreport/roth-iras-and-10-year-rule-todays-slott-report-mailbag

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Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor.  BCM and Cox Strategic Wealth are independent of each other.   Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.  Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by BCM.

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