Changes in Required Minimum Distributions to Age 73

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The SECURE Act 2.0 was part of the Deficit Reduction Act  signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA.

  1. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73  in 2023, can delay their first RMD until next April 1 of the year that  they reach age 73. RMD age changes to 75 for those turning 75 after January 1, 2033.
  2. Those individuals with the Traditional IRA who turned 70 1/2 in 2019 are required to take an their RMD for present & future years.
  3. Roth IRA do not have to follow the RMD.
  4. SEP, SIMPLE, 401(k), 403 (b), 457 are required to follow RMD rules.

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