Did You Hit Age 72 in 2022? Get Ready to Take Your RMD
Category: Financial and taxes in retirement
December 4, 2022 — Folks who were born in 1950 face their first Required Minimum Distributions (RMDs) from their IRAs and 401(k) type plans. The SECURE Act of a few years ago fixed the age for RMDs to kick in at age 72, starting with folks born after July 1, 1949. This first year the 1950 folks have until April 1, 2023 to take the distributions, but they will have to take their regular 2023 distribution by the end this year too. Slightly younger people born before 1950 had to start taking their RMDs at age 70 and 1/2, and they have to take their distributions by Dec. 31, 2022.
Comments on "Did You Hit Age 72 in 2022? Get Ready to Take Your RMD"
Louise says:
This is an interesting RMD calculator you can plug your numbers into and print a report.
https://www.aarp.org/work/retirement-planning/required-minimum-distribution-calculator.html
Mike says:
As of January 1 2023 the age for taking a RMD is 73 and increases to age 75 in 2033. Penalties for not taking the RMD are reduced.
https://www.fool.com/retirement/2022/12/30/2-big-changes-to-rmds-that-will-affect-retirees-in/
Comment from John Brady:
Thanks Mike for this update. It is a nice break for people who turn 70 this year or later. We plan on a short article with all the details this week.