Abstract
- According to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, minimum distributions are now required at age 72 and beyond. In prior years, distributions were required beginning at age 70-1/2. An individual reaching age 72 in 2022 is obligated to calculate the required minimum distribution (RMD) from each of their IRAs; simplified employee pension IRAs; SIMPLE IRAs; and section 401(k), 403(b), and 457(b) plans. Failure to take the required distribution results in a 50 percent penalty on the amount not taken. This article examines methods to reduce or eliminate RMDs from retirement accounts.