IRS Reminder: Those Aged 73 and Older Make RMDs by Dec. 31, 2023

The IRS has reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in IRAs and other retirement plans and noted new requirements under the law beginning in 2023. (IR 2023-246)

Also, the IRS pointed out that the Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first RMD by April 1, 2025.