Multiple changes to a complicated system have inevitably led to more confusion and uncertainty
The tax year ends in less than three months, and financial advisers are facing a challenge reassuring their clients about changes to the laws on required minimum distributions, or RMDs, from retirement plans.
“We are getting lots of questions about this from clients,” says Jude Boudreaux, a financial planner at the Planning Center in New Orleans. “This year it’s super confusing, since the RMD age has changed so much recently. Is it 70.5? 72? 73? The changes to inherited IRA rules are still not very clear.”
Meanwhile, regarding the amount you need to to withdraw, the IRS explains, “a RMD is calculated for each account by dividing the prior Dec. 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements .”
Adding to the complexity, under the new law, the starting age is scheduled to rise again, to 75 — but not until 2033, just in time for Social Security’s financial crisis. This may be a coincidence.Read: What’s the best way to take RMDs from your retirement accounts? Experts rate the top 3 strategies.
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