By Sandra Block
Kiplinger’s Personal Finance
Congress late last year revised the rules on required minimum distributions (RMDs) that retirees must start taking in their 70s from tax-deferred retirement accounts.
Here’s what you need to know:
In 2023, the starting age for taking RMDs from traditional individual retirement accounts, 401(k)s, and other tax-deferred plans increases to 73, up from 72. In 2033, the starting age will increase to 75.
The change means that individuals who turn 72 this year will get a one-year delay in RMDs, says Tim Steffen, director of advanced planning for Baird. (Technically, you can wait until April 1, 2025, to take your first RMD, but that means you’ll need to take two RMDs in 2025.) The legislation isn’t retroactive, so if you turned 72 in 2022, you’re still required to take your first RMD no later than April 1, 2023….