Required Minimum Distribution (RMD) Update for 2022

Don’t Forget to Take Your RMDs

Hey folks, Kevin Molen with Molen & Associates here. I want to give you a quick update regarding a specific topic that some people are asking questions about, that really should be clear-cut. So, let’s set the record straight – the Cares Act, which was implemented in early 2020 allowed us to avoid taking what’s called a required minimum distribution, colloquially we will refer to it as an RMD.

Now RMDs for 2020 were actually suspended due to COVID. Another area that some people aren’t completely up to date on is the secure act that was passed just the prior actually which changed the RMD age to be increased from 70 and a half to age 72.  

Along with that, they actually implemented some additional changes as well for after you pass away – the kiddos or other heirs that receive these accounts actually have to take that money out in a more accelerated fashion now.

So, several changes there but my point is I want to make sure we clarify that required minimum distributions or RMDs were back in effect for 2021 and now for 2022. So, if you’re required to take a distribution based on having attained the necessary age: 2020 we got a pass. We no longer have that pass. Now the money has to be taken out of the account. The only other thing to consider in regards to this is when to take it, how much to take, and how much to have in federal income tax withholding. As those questions arrive they really need to be tailored to your specific circumstance. Make sure and give us a call at 281-440-6279 and we’d be happy to help you.

Don’t forget the penalty for not taking a required minimum distribution is up to 50% of the required distributed amount. If you miss it, you have to end up forking over a ton of money to the government. Let’s not go that route. Make sure you get this done right. If you have any questions, reach out to us you can find us at

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