The SECURE 2.0 Act, which was signed into law on Dec. 29, 2022, will help many Americans save more for retirement. However, many of the provisions don’t kick in for a few years. One provision that does take effect this year is an increase in the age for beginning required minimum distributions (RMDs). Employer-sponsored qualified retirement plans, traditional IRAs and individual retirement annuities are subject to RMD rules. They require that benefits start being distributed by the required beginning date. Under the new law, the required age used to determine distributions increases from age 72 to age 73 starting on Jan. 1, 2023. It will then increase to age 75 starting on Jan. 1, 2033.
