Summerlin Benefits Consulting Q&AAnswer
Oct 18, 2024 - 08:51 AM
The SECURE Act 2.0 made important changes to the age requirements for Required Minimum Distributions (RMDs). The age to begin RMDs increased to 73 in 2023, and will rise again to 75 in 2033. Additionally, SECURE 2.0 reduced the penalty for missing RMDs, lowering the excise tax from 50% to 25%, and further to 10% if corrected promptly. These changes provide more flexibility and reduced penalties for retirees managing their retirement accounts.
