The Secure Act: Recent changes to IRA and qualified retirement account distribution rules

The Setting Every Community Up for Retirement Enhancement (SECURE) Act (“Act”) was signed into law on December 20, 2019, and went into effect on January 1, 2020. The Act changes the required minimum distribution (RMD) rules for IRAs and qualified retirement accounts (“Accounts”) and increases the age at which Account owners are required to begin taking RMDs (required beginning date or RBD) from age 70 ½ to age 72. This change applies to individuals who will attain the age of 70 ½ on or after January 1, 2020.

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