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Image source: Getty Images. 1. Not taking your full RMD. RMDs force you to withdraw money from your retirement accounts and pay taxes on it before you die.
A note reading Required Minimum Distribution alongside a green marker and graphics of a clock and a pie chart. Image source: Getty Images. 1. You must continue making RMDs for an inherited IRA.
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. But this creates a problem for anyone born in 1959.
The 5-year rule does not apply if the decedent died after having started his/her required minimum distributions (generally if he/she died later than April 1 after reaching age 72 [a]). In that case, there is no 5-year rule, and the beneficiary takes distributions over the length of his/her own life expectancy or the remaining life expectancy ...
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But it's a big misconception that your RMD has to be spent. The only requirement with RMDs is to get that money out of your IRA or 401(k). Beyond that, what you do with those funds is up to you.
IRA Required Minimum Distribution (RMD) Table for 2023. The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for RMDs ...
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