At what age will individuals turning 72 in 2023 begin their required minimum distributions (RMD)?

Individuals turning 72 in 2023 will begin their required minimum distributions (RMD) at age 73. The rationale behind this is tied to a change in the rules surrounding RMDs brought about by the SECURE Act 2.0, which raised the age for starting RMDs. Prior to this legislation, individuals were required to start withdrawing funds from their retirement accounts starting at age 70½. However, under the SECURE Act, the age threshold was increased to 72 for those born before 1951.

As of 2023, anyone who turns 72 that year will still follow the previous deadline of age 72 for RMDs. Those who turn 73 after 2022 will have their requirement shift to age 73. This means individuals turning 72 in 2023 will not have to take their first RMD until they reach the age of 73, thereby allowing for potentially more time for the assets to grow tax-deferred before distributions begin.

This revision aligns with efforts to provide individuals with greater flexibility concerning their retirement savings and planning, reflecting longer life expectancies. Ultimately, the correct age for beginning RMDs for those turning 72 in 2023 is indeed 73.