The Secure Act 2.0 was signed into law on December 29, 2022. Several changes will be effective in 2023, with several more becoming effective in future years.
The age to start taking Required Minimum Distributions increases to 73 in 2023 and 75 in 2033. This delays the start date for individuals who turn 72 in 2023 (born in 1951). Individuals who turn 72 before 2023 must continue to take RMDs as scheduled. Other changes include:
• Penalty reduction for failure to take RMDs.
• Changes to qualified charitable distributions.
• Increases to catch-up contributions.