Here is one of five things you need to know:
Your RMD's Will Start Age 72, Not 70 1/2
Staring Jan. 1, 2020, the new bill pushes the age at which you need to start withdrawing money from your traditional retirement accounts to age 72 from age 70 ½. These required minimum distributions, as they’re called, are Uncle Sam’s way of finally getting his share of your retirement savings that have grown tax-free for decades. Many retirees need the money from their retirement accounts to live on, so they’re already withdrawing a portion and paying taxes on it before the government requires them to do so. But those who don’t need the money and aren’t yet 70½ will now have more time before that requirement kicks in.