Reported 8 months ago
Required minimum distributions (RMDs) have increased in 2024 due to the Secure 2.0 Act raising the RMD age to 73. With a record $25 billion in cumulative RMDs predicted by Fidelity Investments, retirees need to understand key facts. These include RMDs being taxed as ordinary income, penalties for missing RMD deadlines, the necessity of taking RMDs after age 73, and the exception of Roth IRAs from RMDs except in cases of inheritance.
Source: YAHOO