IRS Alerts Retirees on Urgent RMD Withdrawal Deadlines

The IRS is reminding individuals aged 73 and older to withdraw their required minimum distributions (RMDs) from retirement accounts like IRAs before the end of the year, as mandated by the SECURE 2.0 Act. This legislation has increased the age for mandatory withdrawals from 70-and-a-half to 73, with a future increase to 75 by 2033. While delaying RMDs can help optimize Social Security benefits, it may also result in larger withdrawals due to account growth. Roth IRAs are exempt from RMDs, and workplace retirement plans may allow delays until retirement, except for significant business owners.