- You can contribute to the affected accounts for as long as you want, and there is no longer a cutoff date.
- You must take required minimum distributions at age 72 now, up from 71 ½.
- The new changes do not affect a spouse who inherits their deceased spouse’s retirement account.
- The rules are significantly different for those who are inheriting an account but are not a spouse. The stretch rule is no longer in effect, the accounts can still be cashed out within 5 years, though the money must be withdrawn completely within 15 years. There are a few exceptions to this rule which Bridget explains in the above video.
- You should speak with your financial advisor to learn more about how this addresses your specific situation.