Fact vs Fiction

 

Fiction: I turned age 70 ½ in 2019, per the SECURE Act I can now wait until age 72 to begin taking my required minimum distribution (RMD) from my IRA account.

 

Fact: The recently passed SECURE act increases the age for required minimum distributions from retirement accounts to age 72.  This new age requirement went into effect on January 1, 2020. However, individuals who were already 70 ½ prior to December 31, 2019, are still required to take their RMD under pre-SECURE Act rules.