- Increase Required Minimum Distributions (RMD) Age
- 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%.