Cryptocurrency Q&A
What is the new law for RMD?
What is the new law for RMD?
Carlo
Mon Oct 14 2024
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7 answers
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I heard there's a new law regarding Required Minimum Distributions from retirement accounts. What exactly is this new law and how does it affect me?
7 answers
TaekwondoMasterStrengthHonorGlory
Wed Oct 16 2024
The Secure 2.0 Act, a significant legislative update for 2023, has introduced a pivotal change regarding retirement accounts.
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SakuraBloom
Wed Oct 16 2024
This new legislation has revised the age requirement for account owners to commence taking required minimum distributions (RMDs).
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Nicola
Wed Oct 16 2024
Prior to the Secure 2.0 Act, account holders were mandated to start withdrawing their RMDs at the age of 72. However, this threshold has now been adjusted.
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Matteo
Wed Oct 16 2024
Effective from 2023, the age at which individuals must initiate their RMDs has been increased to 73 years old. This modification offers account owners an extra year of tax-deferred growth.
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StormGlider
Tue Oct 15 2024
Consequently, individuals born in 1951, who previously would have been required to commence their RMDs at age 72, now have until April 1, 2025, to take their first required distribution.
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