– IRS Warns Seniors Of Penalties For Not Taking Required Withdrawals From Retirement Plans:
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
The Internal Revenue Service (IRS) is warning seniors born before 1951 that they are required to take minimum distributions from their retirement plans by the end of the year or face possible penalties.
Required minimum distributions (RMD) are amounts that many owners of individual retirement arrangements (IRA) or other retirement plans must withdraw each year—even if they’re still working.
For 2023, the Secure 2.0 Act raised the age requirement (from 72 to 73) for account owners to have to start taking the mandatory distributions from their retirement funds. This means that people born before 1951 face a Dec. 31 deadline to take the distributions—or face a possible penalty.
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