RMD Age 73 Starting in 2023 - Secure Act 2.0

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On December 23, 2022, Congress passed the Secure Act 2.0, which moved the required minimum distribution (RMD) age from the current age of 72 out to age 73 starting in 2023. They also went one step further and included in the new law bill an automatic increase in the RMD beginning in 2033, extending the RMD start age to 75.

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Thanks for clarifying - the visual aid helps a lot (RMD Start age based on birth year).

j.c.

75 for me. Great God Willing I make it that far.

teams

RMD confusion, last year I inherited my sisters 401K. I rolled it over to my financial account into an IRA. I was told at the time that I need to spend it within the next 10 years, and I could do a little each year or wait and take more one year then other year and so on as long as it's gone in 10 years. Recently I was told that the Secure Act 2.0 had changed and that I was required to take out an RMD or I would get penalized 25%. I'm only 58 and still working and don't want to take the money out if I don't need to. I spoke to my financial institute, and they tried explaining it to me, but I'm still confused. Could I get your spin on this?

johnmurphy