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Required minimum distribution age rises to 73 in 2023

New York Teacher

In late 2022, the U.S. Congress passed into law the SECURE Act 2.0, which raised to 73 the age at which individuals must begin taking required minimum distributions (RMDs) each year from their retirement account, beginning in January 2023.

The change allows UFT members with Tax-Deferred Annuity accounts to hold onto their savings for longer.

Beginning in 2023, the starting age for RMDs increases from 72 to 73 for anyone who turned 72 after Dec. 31, 2022. (The RMD starting age will rise again to age 75 by 2033.)

The SECURE Act 1.0, which Congress passed in 2019, pushed back the age at which retirement plan participants need to take required minimum distributions from 70½ to 72.

Related Topics: Retired Teachers