Many of my clients do not need the funds from their Required Minimum Distribution (RMD), but the consequence of not taking it is not an option.
Under a provision in proposed retirement legislation pending in Congress, required minimum distributions, or RMDs, would start at age 75 by 2032, up from age 72 — which only took effect last year after the 2019 Secure Act raised it from age 70½.
If this provision passes, many retirees can use those extra years of tax deferred accumulation to determine for themselves if they want to pull funds early, make qualified charitable donations, or simply delay to age 75.
I will keep watching for the vote to keep you posted. I’m all for deferring as long as possible.

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