It's a bit tough to keep up with all the rule changes made to Required Minimum Distributions, or RMDs, since the original SECURE Act was passed in 2019. However, there are 3 significant changes that went into effect January 1st of 2023. Dustin Mundorf, with Mundorf Wealth Management, and Erin Kennedy lay out and explain each change, including:
- The Starting Age Has Increased Again
- Lower Penalties if You Miss Taking your
- RMD Changes to Inherited Retirement Accounts
Keep in mind, you can correct an RMD mistake, but it's best to avoid those missteps if possible, which is why proactive planning is so important. If you'd like to talk through these changes and how they affect you or your beneficiaries, please feel free to reach out to Dustin with a call or text to 830-476-2505, or by visiting www.LongLiveMyMoney.com.
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