Summerlin Benefits Consulting Q&AAnswer
Oct 23, 2024 - 12:04 PM
Under the new law (SECURE 2.0), the penalty for missed Required Minimum Distributions (RMDs) has been reduced from 50% to 25% of the missed amount. If the RMD error is corrected following specific guidelines, the penalty drops even further to 10%. This change provides more flexibility for retirees who fail to take their RMDs as required.
