Question 1

When do I need to start taking RMDs?

Accepted Answer

Under SECURE 2.0, RMDs begin at age 73 for those born 1951-1959, and age 75 for those born 1960 or later. The first RMD must be taken by April 1 of the year after you turn 73/75.

Question 2

What is the penalty for not taking an RMD?

Accepted Answer

The penalty for missing an RMD was reduced by SECURE 2.0 from 50% to 25% of the amount not withdrawn. If corrected within the correction window, it may be reduced to 10%.

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