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In most cases, RMDs must be taken by Dec. 31. The only exception is first-time RMDs may be postponed until April 1 of the following year. For example, someone that turns age 73 in 2024 must take ...
Typically, you must take your RMDs by Dec. 31, but you have until April 1 of the following year to take your first RMD. So, if you turned 73 in 2024, you have until April 1, 2025, to make your ...
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.
With a few exceptions, anyone inheriting an IRA will have to take RMDs starting in 2025 and every year going forward if the original owner passed away after the age at which they would have had to ...
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.
That essentially means they forfeit a percentage of the amount not withdrawn, and must still take the full RMD. The excise tax was 50% prior to 2023, but was reduced to 25% by the Secure 2.0 Act.
Image source: Getty Images. 1. Required minimum distributions begin at 73, but you can choose to delay your first distribution. Under the SECURE Act 2.0, the new required minimum distribution age ...
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.
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