Changes to IRA Required Distribution Rules in 2025, and Protecting Yourself from Identity Theft

Your July enewsletter: New IRS guidance on inherited IRA RMDs, and a webinar covering your credit report.

Hi Reader,

This summer has seen at least two very notable cyberattacks at large companies that have resulted in millions of Americans' personal information being made accessible. Identity theft due to such events results in tens of billions of dollars in losses to Americans each year.

This month, our webinar will be on the topic of how to protect yourself, and your retirement savings, from these types of events. Please read below for more details on the agenda and how to join us this Friday.

We also have details on new rules from the IRS regarding required distributions for those who have inherited IRAs that will go into effect in 2025.

Finally, we feature below two recent press articles in which we have been featured in that discuss certificate of deposits, and other cash options. Interest rates remain relatively high, providing those with extra cash great options for making additional income.

As always, please let us know if you have any questions or topics you'd like to see covered in future newsletters.

Happy Summer,

The Arnold & Mote Team

July Webinar - Everything You Need to Know About Your Credit Report

One in ten Americans falls victim to identity theft each year, resulting in losses of over $16 billion according to a 2021 study by the Bureau of Justice Statistics.

Two of the most common types of identity theft involve opening new credit cards, or taking out loans under the victim's name.

Both of these fraudulent activities would show up on a personal credit report and can be flagged by setting up free credit monitoring alerts. Yet, under a third of Americans check their credit report each year.

This month, our webinar will be a comprehensive walkthrough of your personal credit report. We will also cover ways to protect yourself from identity theft.

In this webinar, we’ll cover:

How and when to pull your credit report
What to look for as you review your credit report
How to correct errors and fraudulent activity on your credit report
Should you freeze your credit?

Join us at noon Central Time on Friday, July 26th for the live broadcast, which will be streamed live on our YouTube channel here:

Watch Here

Want a reminder before we go live? Click the button above and subscribe to our channel to be notified as the webinar begins:

If you can't attend live, a replay of the webinar will be accessible immediately after and available with recordings of all previous webinars on our YouTube channel.

If you missed last month's webinar, here is the recording of "Preparing College Students for Success - Advice for Parents and Grandparents"

If there are questions you'd like to have answered, simply reply to this email and let us know!

Have an Inherited IRA? Updates to Know:

On July 18th, the IRS finalized a long-awaited rule regarding the distribution rules of inherited IRAs.

Since 2020, most non-spouses who inherit an IRA have had a required 10-year window in which they must withdrawal the funds.

Because of the way the SECURE Act was written, there was confusion on whether or not the inherited IRA owners also needed to take annual required minimum distributions (RMDs) in this 10-year window.

The IRS has waived the requirements for these annual distributions through 2024. However, now they have finalized a rule that will require annual distributions (as well as the 10-year total distribution) beginning in 2025.

If you are impacted by this new rule, we will talk in more detail in a future meeting. For now, just be aware that there may be changes to withdrawal plans we have discussed with you in the past.

From The Blog: Alternatives to Bank CDs

Do you have a CD maturing soon or have extra cash in savings and wondering what options exist to earn extra interest?

Before visiting your local bank, be sure to read our blog post here on other options available to you.

While CDs remain a fine choice for some, you should know that there are alternatives that may offer more flexibility, better tax efficiency, higher interest rates, or additional U.S. government guarantees.

Changes to IRA Required Distribution Rules in 2025, and Protecting Yourself from Identity Theft

July Webinar - Everything You Need to Know About Your Credit Report

Have an Inherited IRA? Updates to Know:

From The Blog: Alternatives to Bank CDs​

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From The Blog: Alternatives to Bank CDs