[00:00:05] Hi, this is Antwone Harris with Platinum Bridge Wealth Strategies and the retirement laws have changed recently, and it may impact you if you are in or near retirement. On January 1st, the Securing a Strong Retirement Act or Secure 2.0 went into effect.
[00:00:20] There are over a hundred changes according to this act, and most go into effect in 2024. What you should be aware of for 2023 is there's an increase in the required minimum distribution age. So prior to the act, once you turn age 72, you were required to take money out of your IRA accounts or your 401K accounts, or any retirement account that you had in place.
[00:00:44] That's been pushed back.
[00:00:45] Now the new age is 73. If you've already started your required distributions, meaning that you were born in 1950 or earlier, nothing changes. You continue to take your required distributions as you had previously according to your schedule.
[00:01:01] If you're turning age 72 this year, meaning that you're born in 1951, the new age is 73; it's a little confusing.
[00:01:10] If you're turning 72 this year, you do not have to take your required distribution. You can wait until 2024.
[00:01:17] Anyone born between 1951 and 1959, you start your required distributions when you turn age 73.
[00:01:27] If you're born in 1960 or later, then your required distribution age is gonna be age 75. So starting in 2033, the new required minimum distribution age will be age 75.
[00:01:42] The most important thing to know for this year is that the age is moving from 72 to 73. So if you're age 72, you should have already started your required minimal distributions, nothing changes.
[00:01:53] If you're turning age 72 this year, you do not have a distribution this year. You can wait until age 73.
[00:02:00] In 2033, the new age will be 75.
[00:02:03] There are gonna be some other updates coming out. We're still waiting for feedback from the IRS. So I'll keep you posted as we get information on some of the other changes that were pursuant to this Secure 2.0 Act. That's the most immediate change. There's gonna be some good things coming down the pike though to help Americans save more and build up more money for retirement. It's all good news.
[00:02:25] This is Antwone Harris with Platinum Bridge Wealth Strategies, and I'll talk to you soon.