RMD Age 73 Starting in 2023 - Secure Act 2.0

Michael Ruger - Greenbush Financial Group

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On December 23, 2022, Congress passed the Secure Act 2.0, which moved the required minimum distribution (RMD) age from the current age of 72 out to age 73 starting in 2023. They also went one step further and included in the new law bill an automatic increase in the RMD beginning in 2033, extending the RMD start age to 75.
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Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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Опубликовано:

6 авг 2024

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Комментарии : 20

@j.c.2973 Год назад

Thanks for clarifying - the visual aid helps a lot (RMD Start age based on birth year).

@teams3345 3 месяца назад

75 for me. Great God Willing I make it that far.

@sb6759 3 месяца назад

Born 1951, when my RMD start? Please reply

@johnmurphy7830 4 месяца назад

RMD confusion, last year I inherited my sisters 401K. I rolled it over to my financial account into an IRA. I was told at the time that I need to spend it within the next 10 years, and I could do a little each year or wait and take more one year then other year and so on as long as it's gone in 10 years. Recently I was told that the Secure Act 2.0 had changed and that I was required to take out an RMD or I would get penalized 25%. I'm only 58 and still working and don't want to take the money out if I don't need to. I spoke to my financial institute, and they tried explaining it to me, but I'm still confused. Could I get your spin on this?

@greenbushfinancialgroup 4 месяца назад

If you are within 10 years of the age of your sister, you would not be subject to the 10 year rule. You would be allowed to take RMDs over your lifetime. Rmd’s were waived in 2020 due to Covid, but would have been required for each year thereafter. If you were more than 10 years younger that your sister, then you would be subject to the 10 year rule if she passed after 12/31/19. Beneficiaries subject to the 10 year rule have yet to be required to take an RMD but the irs is excepcted to rule in 2024 if one will be required for 2024. (This comment is for education. Not advice)

@johnmurphy7830 4 месяца назад

Thank you very much I'm only 2 year younger than my Sister, so It sounds like I should be good to go just leting the money sit until I retire. Thanks again for your insight.@@greenbushfinancialgroup

@HungNguyen-se8dn 2 месяца назад

Born August 3, 1955. What age must i take the first RMD?

@greenbushfinancialgroup 2 месяца назад

Age 73 (comment is for education. Not advice) #gfg

@ralphchiappetta647 Год назад

I am age 82 what is my life expectancy years to take my RMD this year in 2023.

@greenbushfinancialgroup Год назад

You can find the life expectancy tables via this IRS link www.irs.gov/publications/p590b (Comment is for education. Not advice)

@user-ef6yk5yv9e 8 месяцев назад

I was born 1960, so my RMD is 75? Thats on yr 2035, is this right?

@greenbushfinancialgroup 7 месяцев назад

If you were born 1960 or later, your RMD start age is 75. (education, not advice)

@sb6759 3 месяца назад

I was born 1951, when my RMD ? please reply

@ninmoney8228 Год назад

Born in 1947, RMD start at age 72 not 70 1/2?

@greenbushfinancialgroup Год назад

You are correct, just by the time they changed the rules in 2020, if you were horn in 1947, you would already been 72, so the 70.5 become irrelevant prior to the 2020 Secure Act 1.0 change. We just wanted to simplify it for the last two age changes (Comment is for education. Not advice)

@ninmoney8228 Год назад

Understood. But a guy who was born in 1947 and has never made his RMD would think he only missed 4 yrs RMD instead of 6 years RMD.

@ninmoney8228 Год назад

Will a person born in 1959 make his first RMD at age 75?