How Did the SECURE Act 2.0 Change RMDs?

How Did the SECURE Act 2.0 Change RMDs?

February 15, 2023

How did the SECURE Act 2.0 change RMDs? Find out the changes in this week's Arista Advice.

Full Transcript:

Hello, welcome to Arista Advice! Question of the week is: "Paul, how did the SECURE Act 2.0 change required minimum distributions?" Well, RMDs were drastically changed in SECURE Act 2.0 from SECURE Act 1.0.

As you'll see on this chart, you really have to ask yourself what year were you born, and what is it then subject to, so you don't get really caught up. If you were born 1950 or earlier, it's still 72. 
If you were born from 1951 to 1959, it's now 73. We have good news. 
If you are born 1960 or later, it's now 75.

So this chart here will help you understand the importance of what is your RMD. Also, there was a three year statute put on those that don't get the RMD money out of the account by the end of the year. It used to be a 50% penalty if the money wasn't taken out. It's also now down to 25% penalty.

Remember to go to to get other tools, tips, resources, and videos to help you live a life of significance.