Inherited Roth IRA tips

If you inherited a Roth IRA in 2020 or later some rules have changed on how you must handle it. With the Secure Act you must liquidate Roth IRA's (for non spouse beneficiaries) within 10 years. Here are a couple of tips for you to consider when inheriting a Roth IRA.
- If you are struggling to make ends meet each month and unable to contribute to your retirement plan at work, consider using the tax free benefits from the inherited Roth to pay expenses and that would free up money for you to contribute to your own retirement plan.
- Instead of cashing out the Roth immediately and reinvesting in your own individual investment plan, consider keeping it in the Roth for tax free growth and in 10 years then cash out.

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