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No more stretch IRA’s

South Carolina Business Review
SC Public Radio

Almost two years ago, a law with significant retirement planning implications took effect but was quickly overshadowed by COVID-19. And our next guest says that there are still many people who aren’t aware of the significant change that it made regarding beneficiaries of IRA accounts.

Mike Switzer interviews Peter Pigeon, a certified financial planner with Hobbes Group Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.