Dec 11, 2021
If you’ve paid any amount of attention to legislation around retirement, you’ve probably noticed that required minimum distributions (RMDs) have been a big topic of discussion.
In 2019, we saw the SECURE Act approved, which moved the age of RMDs from 70 ½ to 72, if your 70th birthday is before July 1, 2019 or later.1 Following the COVID-19 pandemic of 2020, we saw the CARES Act passed, effectively pausing RMDs for 2020.2
Now as we move back into a (seemingly) more normal state of the world, it may be time to take another look at your retirement income plan. Are your RMDs included in that plan?
Failing to take these RMDs could result in penalty taxes, which could be up to 50% of your distribution. Don’t let Uncle Sam take more than he’s due!
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