Ask Bob: New RMD Rules
Robert Powell, CFP®
Question: I recently read an article that references the new SECURE Act, which was signed into law last year. The article notes that RMDs for "retirement accounts" can be delayed from the previous age 70½ standard. Most articles I have been reading only reference 401(k)s. Do 457 accounts apply as well? I'm confused.
Answer: If you reached age 70½ in 2019, you have to start RMDs under the old rules, says Bob Kargenian, president of TABR Capital Management, LLC. But, if you turn 70½ after Dec. 31, 2019, you don't have to start taking RMDs until you're 72.