In an article published by Hays Post last week informed readers that Internal Revenue Service reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
A retirement plan account owner must normally begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on their birthdate and maybe the year they retire. Retirement plans requiring RMDs include traditional, Simplified Employee Pension Plan (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) Individual Retirement Accounts; 401(k), 403(b), 457(b), profit sharing and other defined contribution plans.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the age when individuals must begin taking withdrawals from their retirement accounts.
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Investment Adviser Representative of and investment advisory services offered through Royal Fund Management, LLC, a SEC Registered Investment Adviser.
