Increase the beginning date for RMDs from age 72 to 73, starting in 2023 and age 75 in 2033.
Increase Catch-Up Contributions Under A Retirement Plan or IRA
In 2023, the retirement plan catch-up contribution limit for those over 50 is $7,500. Starting in 2025, catch-up contributions for those ages 60 to 63 will be increased to the greater of $10,000 or 50% more than the regular catch-up contribution amount in 2024. Catch-up contributions will be indexed for inflation starting after 2025. IRA catch-up contribution for an individual who attains age 50 will be indexed for inflation starting in 2024.
Reduce RMD Excise Tax
Reduced excise tax for failure to take required distributions from 50% to 25%.
