Savvy Senior

Dear Savvy Senior,

What are the new rules on required minimum distributions from IRAs and 401(k)s? I will turn 72 this year and want to be clear on what I'm required to do.

Planning Ahead

Dear Planning,

Thanks to the SECURE Act 2.0 that was passed by Congress last December, there are several new rules that affect required minimum distributions (RMDs) from traditional IRAs, 401(k)s and other tax-deferred retirement accounts. These changes, which build on the original SECURE Act of 2019, are a benefit to retirees by increasing the RMD age and lowering the penalty for missing a withdrawal. Here's...