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hey it's eric powell with the future mill let's talk about the inherited ira now the secure act came out in january 1 of 2020 and what happened with this is that spouses if they inherit an ira and a few others which i'll go into in just a minute they are actually able to continue to do the inherited ira as previously done the problem is for non-spouses if you are a non-spouse the government has basically put a rule or a law into place that is saying hey we want to get money from this inherited ira because the taxes have not been paid yet they're going to force you to withdraw money out so i am going to teach you how to do that but then i also want to show you probably one of the best tax strategies that will save you a lot of money in taxes for a spouse who inherits an ira or a 401k that is tax deferred you are still going to be able to stretch this out now also others that can stretch this out are minor children and people that are less than 10 years younger than the person who is now deceased and also those who are chronically ill or disabled so all of you will still be able to do the stretch ira the problem and lies with those who are considered a non-spouse so let's say your grandparents left you an ira or maybe it's your uncle or your friend whatever the case is if you inherit this ira now there are rules that are in place where you're going to have to drain this down when i say drain down the account how this is going to work is if you are a non-spouse and you inherit an ira let's just say that you inherit 100 000 you are going to have 10 years to empty that inherited ira now you can pull the money out and then reinvest it but whatever the case is you have to pull all the money out because the government wants you to pay taxes on this inherited ira so if you inherited one hundred thousand dollars you can incrementally take this out and ten thousand dollars per year over the next ten years or you could do it where you just take out ten thousand one time fifty thousand another you could do it however you want but at the end of that ten years you are going to have to empty that account now when i say 10 years what that means is let's just say that uncle johnny passed away on march 31st of 2021 you have 10 years from the end of the year that he passed so on december 31st of 2031 which is 10 years from uncle johnny's date of death that is when you are going to have to have this account completely emptied you can wait until then to do it...