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If you have a tax-deferred retirement savings account such as a 401(k), taking earlier or larger withdrawals than required won’t directly reduce future mandated distributions. However, since ...
6 Required Minimum Distribution (RMD) Retirement Rules You Should Know ... withdraw from certain accounts starting the year you reach age 73 or 75, starting in 2033. ... IRA or a solo 401(k), or ...
A required minimum distribution, or RMD, is the amount of money that the IRS requires you to withdraw annually from certain retirement plans the year after you turn 73 years old.
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.
Image source: Getty Images. RMDs begin at age 73 for individuals born in 1951 or later. Traditionally, required minimum distributions (RMDs) have started at age 70 and 1/2 (born before July 1949 ...
Essentially, an RMD is an annual withdrawal from a pre-tax retirement account, mandatory under Internal Revenue Service (IRS) rules. These include 401(k)s, 403(b)s, 457s, the government TSPs, and ...