Hi B'heads,
B Steiner (Wealth Management dot com) wrote an article about this topic 'Revised Retirement Rules in the SECURE ACT 2.0' back in early 2023.
I'm interested to know if anyone knows anything about this topic or has any suggestions.
From the article :
Surviving Spouse May Elect to Be Treated as Deceased Employee
Section 327 of SECURE Act 2.0 provides that a surviving spouse may elect to be treated as the deceased employee for purposes of the RMD rules, effective beginning in 2024. A surviving spouse who makes this election would begin RMDs no earlier than the date the deceased participant would have reached RMD age. Further, if a spouse beneficiary who makes this election dies before they’re required to start RMDs, the RMD rules would apply as if the spouse beneficiary is the employee.
Fidelity says ACT 2.0 allows a spouse to elect to be treated as the original employee for purposes of using the Uniform Lifetime Table for RMDs instead of the Single Life Expectancy Tables. This sounds like it would be a good idea
The employee (age 77) is recently deceased and I would like to know if the survivor (age 80) qualifies for this treatment and how to make it so. The deceased has a 401k and since was still working has not been required to take RMDs. The Spouse is listed as the beneficiary.
Hopefully bsteiner will come along, see this, and chime in.
Thanks all
B Steiner (Wealth Management dot com) wrote an article about this topic 'Revised Retirement Rules in the SECURE ACT 2.0' back in early 2023.
I'm interested to know if anyone knows anything about this topic or has any suggestions.
From the article :
Surviving Spouse May Elect to Be Treated as Deceased Employee
Section 327 of SECURE Act 2.0 provides that a surviving spouse may elect to be treated as the deceased employee for purposes of the RMD rules, effective beginning in 2024. A surviving spouse who makes this election would begin RMDs no earlier than the date the deceased participant would have reached RMD age. Further, if a spouse beneficiary who makes this election dies before they’re required to start RMDs, the RMD rules would apply as if the spouse beneficiary is the employee.
Fidelity says ACT 2.0 allows a spouse to elect to be treated as the original employee for purposes of using the Uniform Lifetime Table for RMDs instead of the Single Life Expectancy Tables. This sounds like it would be a good idea
The employee (age 77) is recently deceased and I would like to know if the survivor (age 80) qualifies for this treatment and how to make it so. The deceased has a 401k and since was still working has not been required to take RMDs. The Spouse is listed as the beneficiary.
Hopefully bsteiner will come along, see this, and chime in.
Thanks all
Statistics: Posted by RCL — Thu Jul 18, 2024 9:14 pm — Replies 0 — Views 170