1. Required Minimum Distributions (RMDs) can start at age 73.
- Impacts folks aged between 64 and 72.
- If you turned 72 in 2022 or earlier, you must continue taking RMDs as scheduled.
- If you’re turning 72 in 2023 and have already scheduled your withdrawal, you may want to consider updating your withdrawal plan.
- Heavily affects Roth conversion strategies by giving you more time to convert and catch up to pre-conversion levels before beginning RMDs.
2. Employer Roth Contributions
3. Decreased Penalties
4. 529 Plan Roth Rollovers
- The Roth account must be in the same name as the 529 plan.
- The 529 plan must be 15 years old.
- Any profits earned or contributions made in the last five years cannot be rolled over.