Summer 2019

Congress has 2 proposals that may be reconciled, and enacted into a new retirement law when they return in the Fall. The House has passed the SECURE Act, which would raise the age at which distributions must be taken from retirement accounts from the current age of 70-1/2 to 72. The Senate is working on a bill called RESA that would also modify rules about Required Minimum Dsitributions, and perhaps extend the age when contributions to Traditional IRA’s can be made.

If you’re just turning 70-1/2 this year, it may be worth waiting before taking a distribution until closer to the end of the year, in case you end up not being required to take one at all this year.