New retirement withdrawal rule is a boon for wealthy seniors

New retirement rules in legislation signed by President Biden in December contain a handful of changes to required withdrawals from retirement accounts that score big brownie points with well-heeled seniors.

The new law ramps up the age you must start withdrawing required minimum distributions, or RMDs, from individual retirement accounts (IRAs), 401(k)s, and 403 (b) plans, to 73 this year, up from 72. That requirement will leap to age 75 in 2033.

Another provision eliminates RMDs from Roth…

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