St. Croix Advisors, LLC

5 key takeaways from the article: 1. End of the Grace Period for Inherited IRAs – Starting in 2024, nonspouse beneficiaries of IRAs inherited in 2020 or later must take required minimum distributions (RMDs). The IRS had previously waived this requirement from 2020 to 2024, but the 10-year rule for emptying the account remained in effect. 2. The 10-Year Rule – Most nonspouse heirs must fully withdraw and pay taxes on inherited traditional IRAs within 10 years of the original owner’s death. Failure to plan withdrawals properly could lead to a large tax hit in the final year. 3. Tax Implications and Planning – Taking only minimal withdrawals early on might seem like a good strategy to minimize taxes, but it could lead to a significant tax burden in the tenth year, potentially impacting financial aid eligibility, Medicare premiums, and other tax-related factors. 4. Exceptions to the Rules – The 10-year rule and RMD requirements do not apply to spouses, certain eligible designated beneficiaries (such as those who are chronically ill or disabled, minor children of the original owner, or those close in age to the original owner), and those who inherited IRAs before 2020. 5. Roth IRA Inheritance Advantage – Beneficiaries of Roth IRAs do not need to take annual RMDs within the first nine years, but they must withdraw all funds by the end of the tenth year. This allows for tax-free growth over the decade before a lump-sum tax-free withdrawal. https://lnkd.in/ga7dXgjN

The Additional Medicare Tax is an extra 0.9% tax applied to earnings exceeding specific thresholds. Learn more and plan accordingly. https://lnkd.in/gNWua6SB #medicare #taxtime

Using an online pharmacy, coupon apps, and switching to generic are just a few ways you may be able to save money on prescriptions. Learn about these options in our newest article. #HealthcareSavings #PrescriptionSavings https://lnkd.in/gA7gH-b5

Couples need to understand what happens to each other if one of them should die. This is where financial planning becomes essential. https://lnkd.in/ghtgV7-m #spousalplanning #estateplanning #financialplanning

Think You’re Prepared for Long-Term Care? Many people want to believe they won't need long-term care, but nearly 70% of people over 65 will need some form of LTC in their lifetime. Without proper planning, misconceptions can lead to financial stress, strained relationships, and tough choices for your loved ones. It doesn’t have to be that way! Discover how long-term care planning—like life insurance with LTC benefits—can protect your future, your finances, and your family. https://lnkd.in/gm_SAZHu #longtermcare

Life can be quite expensive. To help counteract it, we’ve curated a list of some of the top discounts available to seniors and members of the U.S. military. Some of the best include: - National Parks: Seniors 62+ can get lifetime access to U.S. national parks for just $80. - Home Depot: Military members and families enjoy a daily 10% discount. - Apple: Active duty, veterans, and dependents get 10% off Apple products with verification. Take a look! https://lnkd.in/geRccZGq

Dave Portnoy, founder of Barstool Sports, is famous for his "One Bite" pizza reviews. Dave came across Tinybrickoven in Baltimore, MD to review their pizza and learned the family-run restaurant was getting ready to go out of business. Check out the amazing Christmas gift Dave provided this pizza shop. Talk about being impactful with your money! https://lnkd.in/gH44YizZ

Roth IRAs. Traditional IRAs. What's the difference? What are the important things you need to know? We address these questions in our most recent article. Take a look: https://lnkd.in/gymqXuuX #retirement #IRAs

The New Year is coming quickly. Before it arrives, check out these 10 financial planning ideas. Reach out to us. Let's discuss your financial goals for the New Year. #financialplanning #financialreview https://lnkd.in/gvj7KjqA

Big changes are coming to 401(k) plans in 2025, thanks to SECURE 2.0. From automatic enrollment to expanded eligibility for part-time employees, here's what you need to know to prepare for the new rules. #RetirementPlanning #401k https://lnkd.in/g4exHRvp