RMD

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My husband inherited an account from his dad and we have to take RMD withdrawals each year. Is there a point/age where we have to start taking money out of our accounts? He is 69 and I am 64. I am about to retire. Thanks.

Ask the Experts - Retirement - July 2023

JohnJ4

Level 2

Great Question ! The Secure Act 2.0 passed n December 2022 and signed into law. This tax legislation increased the RMD age from 72 to 73 beginning in 2023 for individuals who turn 72 after 2022. You are required to take your first RMD by April 1st of the year after you age 73. I hope this was helpful!

Terri Lynn

Employee Tax Expert

Hi bonitacsmith2,

Thanks for the question, "Is there a point/age that we have to start taking money out of our accounts?"

Yes, you generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).

Roth IRA's, however, do not require withdrawals until after the death of the owner, while

designated Roth accounts, in a 401(k) or 403(b) plan, are subject to the RMD rules for 2022 and 2023.

**Note, for 2024 and later years, RMDs are no longer required from designated Roth accounts. 2023 RMDs due by April 1, 2024, are still required.

For additional information on RMD's go here:

IRS: Required Minimum Distributions

IRA Retirement Distribution FAQ's

Hopefully this information helps!

Thanks,

Terri

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