Among the many provisions in the SECURE 2.0 Act, which was recently passed by Congress, is an increase in the age to begin taking required minimum distributions (RMDs). Employer-sponsored qualified retirement plans, traditional IRAs and individual retirement annuities are subject to RMD rules. They require that benefits be distributed or begin being distributed by the required start date. Under the new law, the required age used to determine distributions increases from 72 to age 73 starting on Jan. 1, 2023. It will then increase to age 75 starting on Jan. 1, 2033. Contact us with any questions.
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