The Secure 2.0 Act Made Changes to RMDs and Roth 401(k)s Withdrawals - MSN.com
The primary goal of the Secure 2.0 Act is to encourage more people to save for retirement. Some of the primary changes were that the mandatory age for RMD withdrawals has increased, penalties for late withdrawals have been reduced, and withdrawals from Roth 401(k) s are no longer mandatory.
Initially, Required Minimum Distributions (RMDs) from 401(k) accounts and traditional IRAs were mandatory upon reaching age 70. This requirement was subsequently increased to age 73, and will increase tp age 75 in 2033.
Need to reduce your RMD? You can donate to a charity through a qualified charitable distribution (OCD), and it will count towards your RMD. Rocky Mangle has written an article about the changes as a result of the Secure 2.0 Act. Click here… to read the entire article.
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