01/09/2023
The recently passed SECURE 2.0 legislation contained an important change to the RMD (Required Minimum Distribution) age. Starting in 2023, the age to start taking an RMD from a retirement plan increased from 72 to 73. This means that if you are turning 72 this year, you do not have to start taking your RMD. Instead, you will start taking the RMD in 2024 when you turn 73. However if you were already 72 prior to this year and already taking your RMD, you must continue to take the distributions, There are quite a few more retirement plan related changes in the act. Here is an article highlighting some of the major changes.
A 2023 budget bill signed by President Biden includes the SECURE 2.0 Act of 2022, which makes major changes to retirement savings plans.