Q: Erick, at what age am I required to start taking distributions from my retirement plan?
A: Thanks to the Setting Every Community Up for Retirement Enhancement Act (enacted on December 20, 2019), the age at which the Internal Revenue Service requires you to begin taking required minimum distributions (RMDs) was raised from age 70½ to age 72. You must take your first RMD by April 1 of the year after you turn 72. Subsequent RMDs must be taken by December 31 of each year. Note that if you delay your first RMD until April, you’ll have to take two RMDs your first year. The first will still have to be taken by April 1 and the second by December 31.
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For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.