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So, do 1959 babies have to start taking RMDs at 73 or 75? The IRS proposed a rule to clarify the lapse in the Secure 2.0 Act, which would make their required minimum distribution age 73.
Although the rules require RMDs to begin by April 1 of the year after the individual reaches age 72, [a] participants in an employer-sponsored plan can usually wait until April 1 of the year after retirement (if later than age 72 [a]) to begin distributions unless the individual owns 5% or more of the employer who is sponsoring the plan.
You Should Plan To Start Taking RMDs at Age 73 if You Were Born in 1959. The Secure 2.0 Act increased the RMD age from 72 to 73 as of 2023 — and the age will increase to 77 starting in 2033.
Anyone born in 1959 will start taking RMDs at age 73. The Secure 2.0 Act increased the required minimum distribution age from 72 to 73 starting in 2023. Starting in 2033, the RMD age jumps to 75. ...
If you don't take an RMD, or take a distribution that is below the required amount, the penalties can be steep. The SECURE Act 2.0 Act excise tax rate is a hefty 25%; possibly 10% if you correct ...
The IRS requires that account holders of some retirement plans start taking required minimum distributions when they reach a specific age. In 2023, the age went from 72 years to 73, as part of the ...
Image source: Getty Images. RMDs begin at age 73 for individuals born in 1951 or later. Traditionally, required minimum distributions (RMDs) have started at age 70 and 1/2 (born before July 1949 ...
Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs). ... And if you want to start taking distributions under the age of 59.5 ...