Page 10 THE MALDEN ADVOCATE–Friday, March 13, 2026 Savvy Senior by Jim Miller How To Navigate Inheriting an IRA From a Parent Dear Savvy Senior, What are the rules regarding inherited IRAs? My brother and I recently inherited our father’s IRA when he passed away late last year and would like to know what we need to do to handle it properly. Oldest Sibling Dear Oldest, I’m sorry to hear about the loss of your father, but you’re smart to be planning ahead. Inheriting an IRA from a parent comes with a unique set of rules. Understanding them can help you make the most of the money you inherit and avoid an unpleasant surprise at tax time. Here are some basics you should know. Setting It Up Many people assume they can roll an inherited IRA into their own IRA, but that’s not allowed for most beneficiaries. If you inherit an IRA from a parent, sibling, or anyone other than a spouse, you cannot treat the account as your own. Instead, your share must be transferred into a newly established inherited IRA, properly titled in the deceased owner’s name—for example, John Smith, deceased, for the benefit of Jane Smith. If your father named multiple beneficiaries, the IRA can be split into separate inherited accounts. This allows each beneficiary to manage withdrawals independently, as if they were the sole beneficiary. You can open an inherited IRA at most banks or brokerage firms, although the simplest option is often to set it up with the firm that already holds your father’s account. The 10-Year Withdrawal Rule Under the SECURE Act, signed into law in December 2019, most non-spouse beneficiaries must withdraw all the money from an inherited IRA by the end of the 10th year following the original owner’s death. This rule applies if the owner died in 2020 or later. If your father had already begun taking required minimum distributions (RMDs), you generally must continue taking annual RMDs while also emptying the account within 10 years. If he had not yet started RMDs, annual withdrawals aren’t required, as long as the entire IRA is withdrawn by the end of the 10year period. You may take withdrawals faster if you choose, but distributions from a traditional IRA are taxable as ordinary income in the year taken. Roth IRA withdrawals, however, are usually tax-free, provided the account has been open at least five years. If you fail to take a required RMD, or don’t withdraw enough, the penalty is 25 percent of the amount you should have taken. That penalty can be reduced to 10 percent if the mistake is corrected within two years. Exceptions to the Rule Several beneficiaries are exempt from the 10-year rule, including a surviving spouse, a minor child, a disabled or chronically ill beneficiary, or someone who is within 10 years of age of the original IRA owner. These beneficiaries may be allowed to stretch withdrawals over a longer period. Minimize Your Taxes As tempting as it may be to cash out an inherited IRA in a lump sum, or take large withdrawals over just a few years, proceed carefully. Doing so could trigger a hefty tax bill. Withdrawals from a traditional IRA are generally taxed as income at your regular tax rate. For many heirs, spreading distributions over the 10-year period can help manage taxes and reduce the risk of being pushed into a higher tax bracket. Other strategies may make sense if your income fluctuates or you’re nearing retirement. To help navigate these decisions, consider working with a financial advisor. If you don’t have one, you can find a fee-only, fiduciary financial planner through the National Association of Personal Financial Advisors at napfa.org. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior. org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. OBITUARY Barbara Jean (Geary) Munroe A resident at Lyndon Johnson Apartments in Cambridge, MA, passed away peacefully on February 27, 2026. She was 80 years old. Barbara was born in Portland, Maine on January 3rd, 1946, to John J. Geary and Mary R. Vessal, where she grew up and attended local Catholic schools in the Portland area. Following high school graduation, she moved to the Boston area and mostly lived in Malden, working for the New England phone company and Automatic Radio Company. She was predeceased by her parents and her sister Patricia Geary of Boston, MA and survived by her big sister, Joyce Geary Coughlan of Wells, Maine who always looked out for Barbara since they were kids.Additionally, she is survived by sons Geary Munroe, of Foxborough, MA and Jason Munroe of Malden, MA and daughter Keri Munroe in Troy, N.Y. and her grandchildren Mackenzie and Lennox and many other family and friends. While a loving Mother and friend to all, she was especially close to her son Jason and his children who could do no wrong in her eyes, she was a very inviting person with a magnetic and wonderful personality, always there to ensure nobody would go hungry or thirsty. A private service will be held later this year in Wells Maine where Barbrara will be interred with her mother and sister at Ocean View Cemetery. 1. March 13 is National Good Samaritan Day; in what book is the “good Samaritan”? 2. How are Bird, Mozart and Woods similar? 3. Where in the USA is the Situation Room? 4. On March 14, 1903, due to killing of birds for feathers for women’s hats, Teddy Roosevelt created a bird refuge in what state? 5. What musical about a pajama factory has the tango tune “Hernando’s Hideaway”? 6. The longest USA highway, Route 20, goes between Oregon and what Boston square? 7. In a Shakespeare play, a soothsayer warns what dictator to “beware the Ides of March” (the 15th)? 8. Which animal is the most common: ant, mouse or nematode (a worm)? 9. In what year was the first MLB Home Run Derby: 1954, 1985 or 2001? 10. On March 16, 1945, the USA declared what island secure during a conflict with Japan? 11. How are Hampshire, Orleans and York similar? 12. What is Pastafarianism? 13. In what decade was Social Security founded: 1930s, 1940s or 1950s? 14. On March 17, 1973, Queen Elizabeth II opened the new London Bridge; what happened to the old one? 15. Which U.S. president was also a Supreme Court Chief Justice? 16. At a July event in Las Vegas, rapper Flavor Fav will celebrate what women’s team? 17. On March 18, 1990, in what New England museum were paintings worth about $500 million stolen? 18. What is the longest-standing surviving written government charter? 19. In what place did the USA finish at the 2026 Winter Olympics? 20. Annually on March 19 is the “miracle” of what returning to California’s Mission San Juan Capistrano? ANSWERS 1. The Bible 2. Famous names with animals (“Larry,” “Wolfgang Amadeus” and “Tiger,” respectively) 3. The White House (It is actually a suite.) 4. Florida (on Pelican Island — first national wildlife refuge) 5. “The Pajama Game” 6. Kenmore 7. Julius Caesar 8. Nematode 9. 1985 10. Iwo Jima 11. They are the second words of USA places with the first word “New” 12. Church of the Flying Spaghetti Monster, a parody of religion protesting teaching against evolution 13. 1930s (1935) 14. It was sold, taken apart, reconstructed and rededicated at Lake Havasu City in Arizona. 15. William Howard Taft 16. U.S. Olympic Women’s Ice Hockey Team 17. Isabella Stewart Gardner Museum 18. U.S. Constitution 19. Second 20. Swallows (In 1940, “When the Swallows Come Back to Capistrano” was a hit by The Ink Spots.)
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