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Save Income Tax by Turning 72 in 2023

January 10, 2023
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In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement.

The law is called SECURE 2.0, and it's a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019.

New Distribution Rules For Taking Your Required Minimum Distributions (RMDs)

RMD age rose to 73 in 2023. One of the most critical changes is increasing the age at which owners of retirement accounts must begin taking required minimum distributions (RMDs) from age 72 to age 73. And starting in 2033, RMDs may begin at age 75. If you have already turned 72, you must continue taking distributions. But if you are turning 72 this year and have already scheduled your withdrawal, you may want to revisit your approach.1

1. Fidelity.com, December 23, 2022

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