The rules changed January 1st, 2020, for when retirees must begin taking required minimum distributions (RMD’s) from retirement accounts. This change comes from new tax legislation signed into law on December 20th, 2019. This tax bill is known as the SECURE Act.
Before the SECURE Act, retirees were required to begin RMD’s from retirement account starting at age 70 and a half. Under the SECURE Act, this age has been extended to age 72.
What if your current age is between 70 and 72? How will this affect you? Here’s an easy way to determine that:
If you were born on July 1st, 1949, or later, you don’t have to begin your RMD’s until age 72.
If you were born before that, you will fall under the old rules and will need to continue taking your RMD’s every year.
What other tax-saving opportunities does the secure Act offer me? Next week all uncover another strategy you can use right away.
If you would like a review of your strategy to possibly lower income taxes for the rest of your life, please