The Internal Revenue Service is reminding people 73 and older with Individual Retirement Arrangements (IRAs) and other retirement accounts to make required withdrawals by the end-of-year deadline.
A change in laws raised the age for required minimum withdrawals for certain types of accounts.
According to the IRS, accounts impacted include:
- IRAs and IRA-based plans. Withdrawals are required annually over the age of 73. Those who turned 73 in 2024 have until April 1, 2025 to make a first withdrawal.
- Employer-sponsored retirement plans, with delays allowed until retirement for most employees.
- Roth IRAs held by beneficiaries after the owner’s death.
For more information on required minimum distributions, visit irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs.
For the full news release from the IRS, visit irs.gov/newsroom/irs-urges-many-retirees-to-make-required-withdrawals-from-retirement-plans-by-year-end-deadline.
