The SECURE Act (2019) dramatically altered the retirement rules, including the introduction of a 10-Year Rule. Under this rule, account custodians must distribute the total amount of the retirement account to the inheritor within ten years.
Knowing when the 10-year rule expires for each client account is best managed using client relationship management (CRM) software, not a spreadsheet. ProTracker Advantage® provides an extensive and easy-to-use RMD calculator and tracking tool to guide the advisor in distributing the accounts within the 10-Year period.
Once the initial parameters for a client scenario are saved, an RMD Wizard can rapidly compute each client’s RMD for the new year. There is no need to look up life expectancy factors in a table and enter them into a spreadsheet.
Step 4 in the global RMD Wizard displays the accounts where the 10-year calculation method applies.
Here’s a look at the RMD Wizard’s Step 4 where the Method column shows the 10-year rule accounts:
ProTracker RMD Calculator Assistant was developed to take the headache out of calculating and tracking RMDs, which has become even more odious with the new SECURE Act. Our experience as advisors gives us a unique understanding of your needs, and our goal is to make your business more efficient.
To learn more about ProTracker Advantage® (CRM) for your firm, fill out our CRM evaluation form. We respond to all inquiries.