Legislation affecting 2021 RMD?

Home Fairmark Forum Retirement Savings and Benefits Legislation affecting 2021 RMD?

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  • #14512
    Jannie
    Participant

    Talked to the broker about dong my RMD- he mentioned there was legislation in the works increasing age to 75 and forgoing RMD distribution for 2021. Is this for real? Or, is this just for people who haven’t done a RMD previously. So far, Can only find articles about increasing age to 75. Thanks

    #14513
    Alan S.
    Participant

    Should this provision be signed into law, it is almost certain that it would only apply to those born after a certain year, that year being selected to apply to those not yet in an RMD distribution year. In other words, if you are 72 in 2021 and subject to RMDs this year, you would have to continue RMDs, you could not stop and restart at 75. Separately, there are new RMD tables adopted to apply in 2022 and beyond, and those new tables would apply to all those already taking RMDs in 2022.

    #14514
    Jannie
    Participant

    Thanks, I thought he probably had it wrong, as it didn’t make sense. Oh, well — the RMD is one thing I never planned for –

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