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The passage of the Setting Each Group Up for Retirement Enhancement (Safe) 2.0 Act ushered in various adjustments surrounding required minimal distributions. Some new guidelines created uncertainty amongst many when it comes to taking their RMDs.
We have now seen a excessive stage of confusion relating to the timing of RMDs and who should take them. A lot of this surrounded the late enactment of guidelines elevating the required starting date to 73 from 72. This triggered loads of confusion amongst many purchasers and even some custodians. Consequently, the IRS enacted a âdo-overâ interval that ended Sept. 30.
For a lot of shoppers, RMDs are complicated sufficient even with none rule adjustments. With the altering panorama of RMDs, this confusion could trigger them to do issues in methods that aren’t of their finest curiosity or that even could unintentionally violate the foundations. Shoppers want steerage not solely on taking their RMDs but additionally on various planning points round them.
Listed here are 8 issues to find out about RMDs for 2023 and 2024, in quiz type, to make sure that you’re advising shoppers correctly.
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