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You can throw out the old RMD tables. RMD rules are changing in 2022!

With the SECURE Act, the RMD starting age was pushed back from 70 1/2 to 72. But that’s the only thing that has adjusted… until now.

IRS was a bit slow but they have updated the RMD tables to reflect this 1 1/2 year change in RMD age.

The new tables will control your required minimum distribution for all tax-deferred accounts and pre-2020 inherited IRAs moving forward.

The formula itself has not changed but rather the distribution factor you need to calculate your RMD has adjusted to reflect the SECURE Act.

In this video, we talk about the good and the bad of this IRS-mandated change.

Although confusing, this change will lead to lower RMD liabilities vs. what many were expecting. This video will be your blueprint to accurately calculating your RMDs in future years.

If there are any questions or comments, don’t hesitate to post them down below!

#RetirementIncomePlanning #RequiredMinimumDistribution

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Retirees who plan to take Required Minimum Distributions (RMDs) in 2022 and beyond should be aware of some changes in the calculation rules. The Internal Revenue Service (IRS) announced new RMD tables in November 2021, which will apply to distributions made in tax years starting on or after January 1, 2022. These changes may affect the amount of money retirees have to withdraw from their retirement accounts each year.

The RMD is the minimum amount that most retirement plan owners must withdraw from their accounts each year, starting at age 72 (or 70 ½ for those born before July 1, 1949). The RMD rules apply to traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, and other qualified retirement plans. The RMD amount is calculated using the balance of the account and an IRS distribution table that takes into account the expected life expectancy of the account owner and their beneficiary.

The new RMD tables for 2022 and beyond reflect longer life expectancies, which means that retirees may be able to withdraw smaller amounts from their accounts than under the previous tables. The new tables apply to account owners and beneficiaries who are alive on January 1, 2022, and to future beneficiaries of account owners who die after that date.

For example, a 75-year-old account owner who turns 76 in 2022 will have a new Uniform Lifetime Table factor of 22.5 for RMD calculations, down from 23.1 under the old table. This means that their RMD will be slightly lower than it would have been under the old table, assuming the same account balance and tax year. The difference may not be significant for most retirees, but it could add up over time and affect tax planning and cash flow.

The IRS has also updated the Joint Life and Last Survivor Table, which is used for calculating RMDs for account owners who have a spouse who is more than 10 years younger and is the sole beneficiary of the account. The new table factors for 2022 and beyond are generally higher than under the old table, which means that the RMD will be smaller relative to the account balance. This change may benefit couples who want to preserve more of their retirement assets for the surviving spouse.

The new RMD tables also include a new Single Life Table for beneficiaries of inherited retirement accounts. This table reflects longer life expectancies for most beneficiaries, which means that they can stretch out their distributions over a longer period and potentially reduce their tax liability. This change may benefit non-spouse beneficiaries who inherit retirement accounts after the death of the account owner.

Retirees should consult their financial advisors or tax professionals to determine how the new RMD tables may affect their retirement planning and tax strategies. They should also be aware of other rules and exceptions that apply to RMDs, such as the 50% penalty for failing to take the RMD in time, the rules for inherited IRAs, and the option to donate RMDs to charity tax-free up to $100,000 per year.

In conclusion, the new RMD calculations for retirees in 2022 and beyond reflect changes in life expectancies and may result in smaller RMD amounts for many account owners and beneficiaries. Retirees should stay informed about these changes and other RMD rules to optimize their retirement income and tax efficiency.