Part 3/12:
Changes Specific to 401(k) Plans
Increased Age for RMDs
Starting this year, the age at which you are required to begin RMDs for 401(k)s will increase from 72 to 73. In a further update scheduled for 2033, this age will climb again to 75. This extension offers individuals additional years to grow their savings before tapping into retirement funds, a benefit for those wishing to work longer or defer withdrawals for tax advantages.