Recently, one of our financial advisors received this question.
Q: I’ve been reading about The SECURE Act, which changes the rules so that required distributions don’t begin until age 72. I’m age 71 — can I stop taking distributions this year?
A: The House passed the SECURE Act on May 23, 2019, but it is still tied up in the Senate. So none of its provisions apply at this point. If the Senate passes the bill, and President Trump signs it into law, and the language in the House version remains unchanged — that’s a lot of “ifs” — the answer would be no. The House version is clear that the delay of required minimum distributions (RMD) until age 72 only applies to individuals who attain age 70½ after Dec. 31, 2019.
David Blask is a Senior Pension Consultant at Lincoln Investment.
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