The SECURE Act 2.0, handed in December 2022, launched important modifications to retirement financial savings guidelines in the US. These modifications purpose to make it simpler for People to save lots of for retirement and entry their financial savings in a extra versatile method.
One of many key modifications is the rise within the age at which people should start taking required minimal distributions (RMDs) from their retirement accounts. Below the previous guidelines, RMDs needed to start at age 72. The SECURE Act 2.0 raised this age to 73 in 2023 and can additional enhance it to 75 in 2033. This modification provides people extra time to develop their retirement financial savings and cut back the quantity of taxes they owe on withdrawals.
