Every year in January I let my clients know what their RMD (required minimum distribution) will be for this year. This year I was able to notify 16 clients that they did not have to take their expected first RMD at age 72, here is why:
You may have seen recently that Secure Act 2.0 was recently signed by President Joe Biden. I wanted to reach out to let you know how this impacts you directly in 2023. Previously, if you reached age 72, this would have been the year your Required Minimum Distribution must begin. However, due to the recent law change, you are not required to start taking distributions from your retirement accounts until you turn age 73. Of course, you can still take distributions if that is part of the plan, but you are not required to do so until next year.

My clients can allow their funds to defer for another year…. Or will it change again?

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