SECURE Act Increases Age for Minimum Distributions from Retirement Accounts
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SECURE Act Increases Age for Minimum Distributions from Retirement Accounts
In December of 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act) enacted many provisions that could impact retirement savings and planning for individuals. One of the most significant changes is the increase in the age that minimum distributions are required to be taken. The beginning age for taking required minimum distributions increased from 70½ to 72 for account owners who turn 70½ after December 31, 2019. If you turned 70½ prior to this date, your requirement is not delayed.
Also in the law, owners of traditional IRAs can now also make contributions past the age of 70½.
We will be covering some of the other SECURE Act changes in the coming weeks. You can visit our website for a summary.