One of the most consequential provisions of the bipartisan retirement reform legislation “Securing a Strong Retirement Act of 2020” is the one that would raise the required minimum distribution (RMD) age for retirement account holders from 72 to 75. These withdrawals, known as required minimum distributions (RMDs) now can wait until we turn 72. On Thursday, November 7, the Service released 122 pages describing proposed regulations which will modify Required Minimum Distributions (RMDs). When the proposed regulations were issued, the IRS estimated that the new tables would cause only a 1% increase in an IRA balance at age … In the new tables, life expectancy increases to 29.1 years. An example in the preamble explains that, for an individual who attains age 72 in 2021 and has a required beginning date of April 1, 2022, these tables will not apply to the RMD for the 2021 distribution calendar year (due April 1, 2022) but will apply to the RMD for the 2022 distribution calendar year (due December 31, 2022). The new rules must be understood by those whose provide advice regarding RMDs – including post-mortem RMDs. Pushing the RMD age from 70½ to 72 means that the money in our traditional IRAs and/or workplace plans like basic 401(k)s have more time to grow untouched. IRS Proposes New RMD Tables Effective January 1st, 2021.

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