Financial Information
Required Minimum Distributions (RMDs)
Required minimum distributions (RMDs) are the minimum benefit amounts you must withdraw from your retirement accounts each year. With the 2022 Secure 2.0 Act, the new law increases the RMD age to:
- 73 for a person who attains age 72 after December 31, 2022 and age 73 before January 1, 2033, and
- 75 for an individual who attains age 74 after December 31, 2032
If you reached age 72 on or before December 31, 2022, your RMD age is based on prior law. If an RMD is not taken by that date, the IRS may impose an excise tax. For more information, visit the IRS website. www.irs.gov.