This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.

Tax educator Ed Slott emphasizes that while inheriting an IRA is straightforward, understanding the rules and timing for distributions can be challenging. In that light, seeking guidance from a financial professional can help minimize tax burdens, especially under the new rules surrounding inherited IRAs.

What to know: Beneficiaries are categorized based on their relationship to the deceased IRA owner:

📌 Spouses and certain eligible beneficiaries (e.g., minor children, disabled individuals) have more options for managing the inherited IRA, including the ability to roll it into their own accounts

📌 Non spousal beneficiaries who do not meet the criteria for eligible designated beneficiaries (EDBs) have different distribution rules and must withdraw funds within ten years if the deceased had not been taking required minimum distributions (RMDs)

📌 Children of the deceased are subject to recent Secure Act changes, which mandate that funds be fully distributed within ten years, eliminating the "stretch IRA" option