RMD — delay til 75?
Read your article today on RMD. I’ve been reading also that legislation is in the works to increase the RMD age to beyond the current 72. Is this legislation looking like it will pass this year? I turn 72 November 27, 2023 so I hope it does.
Thanks!
Terry Says
It’s true that Congress is discussing an update to important financial update that will make significant changes in many rules for IRAs. It’s called the SECURE Act 2.0. Versions have passed in both the House and Senate. But whether they will get their act together before — or after — the midterms remains to be seen. And typically such legislation goes into effect the following year.
You can wait to make your RMD to year-end if you want to see what happens. Fingers crossed many people will be able to delay RMDs if this passes — BUT if you have already started, I’m guessing it won’t be retroactive (thus is you start this year, you’d likely have to continue taking RMDs even if for subsequent retirees, the age is raised to 75).
Keep watching this space. I’ll be the first to do an update if anything passes!
