Many METARs are of retirement age so this might be handy. The entire article is useful but I can only post a snip due to copyright rules.
The Secure 2.0 Act has all sorts of provisions that take effect between now and 2027. Here’s when they kick in.
By Leonard Sloane, The Wall Street Journal, June 2, 2023
The Secure 2.0 Act, passed in December, contains more than 90 provisions affecting retirement-savings plans, such as individual retirement accounts and 401(k) workplace plans.
Only some changes are effective this year. Others will take effect in years 2024 through 2027…
Here are some of the key changes for 2023:
The age for taking the mandated annual withdrawals known as required minimum distributions, or RMDs, is raised to 73 from 72 (or 70½ before the original Secure Act in 2020). Those who were subject to RMDs under the previous rules must continue to follow their existing schedules. In 2033, the age for taking RMDs will rise to 75 from 73.
The penalty for missed RMDs is reduced from 50% to 25% and even 10% if corrected in a “timely” manner… [end quote]
Thanks, Congress, for making our convoluted, arcane tax code even more complicated!
Your first RMD must be taken by 4/1 of the year after you turn 73. Subsequent RMDs must be taken by 12/31 of each year. Here’s a calculator for the RMD.
If your RMDs (including yourself and spouse if filing jointly) will kick you into a higher tax bracket and/or trigger a Medicare IRMAA penalty, consider withdrawing Traditional IRA money early, paying the tax and converting it into a Roth IRA. I have done this for several years.
There are new rules for working people so if you are still working research this.