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That's why it imposes required minimum distributions, or RMDs, on retirement accounts. Anyone age 73 and older must withdraw a certain amount from their tax-deferred accounts by the end of each year.
Historically, Roth 401(k) plans have been subject to RMDs rules, but that changed when Congress approved the Secure Act 2.0 in 2022. Specifically, as of 2024, the RMD rules no longer apply to Roth ...
Roth 401(k) plans and Roth 403(b) plans are no longer subject to RMD rules. Designated Roth accounts in 401(k) and 403(b) plans were subject to RMD rules in 2023, but that changed in 2024 due to ...
However, while this rule goes into effect this year, it applies to 2024 funds, meaning you still need to take the RMD if you had funds in a Roth 401(k) at the end of 2023.
That's why it imposes required minimum distributions, or RMDs, on traditional 401(k) and IRA accounts. Once you reach a certain age -- currently age 73 -- the IRS requires you to withdraw some of ...
If you decided to save in a Roth 401(k) instead of your employer's tax-deferred 401(k) option, you can breathe easy. You don't have to take an RMD from Roth accounts in your 401(k) anymore.