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Tue Dec 31, 2019, 10:11 AM

RMD Age (for Some) Pushed Back to Age 72

Earlier this year, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This month it was unexpectedly included in an appropriations bill passed by the Senate on December 19, 2019 and signed into law the next day.

Right now, those with traditional IRAs have to start taking required minimum distributions (RMDs) by April 1 following the year in which they turned 70 ˝. The SECURE Act, recognizing that people live longer, pushes back the age at which you have to start taking RMDs. Starting in 2020, you may begin taking them by April 1 in the year following the year in which you turn 72.

TRANSLATION: If you were born on or before June 30, 1949, you won’t be able to delay until age 72.


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Reply RMD Age (for Some) Pushed Back to Age 72 (Original post)
HAB911 Dec 2019 OP
Sherman A1 Dec 2019 #1
HAB911 Dec 2019 #2

Response to HAB911 (Original post)

Tue Dec 31, 2019, 10:22 AM

1. I was happy to see this

but the devil is in the details as always.

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Response to Sherman A1 (Reply #1)

Tue Dec 31, 2019, 10:29 AM

2. also Removal of Traditional IRA Contribution Age Limit

Currently, if you're age 70 ˝ or older, you can't make contributions to a traditional IRA. However, as of January 1, 2020, that restriction is no longer in place.

There will no longer be age restrictions on making IRA contributions.

the Act allows anyone THAT IS WORKING and has earned income to contribute to a traditional IRA regardless of age

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